Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Consumer Credit Manager

Career News January 17, 2014

Do you work well with people and even better with numbers? Working in credit requires that you are able to “tell a story” of the applicants you meet, which helps determine creditworthiness. This is necessary, because there are always going to be more applicants than there are available loans. You must choose the best investments that will be ideal for your business.

Consumer credit managers oversee the entire lending process. Each customer request must be thoroughly evaluated before a decision can be made, with a careful analysis on whether or not the loan will be repaid in full. The consumer credit manager plays a vital role in increasing the revenue for the company and minimizing the losses associated with unpaid loans.

How the Position Works

The consumer credit manager reviews the initial application for a loan, as well as the underwriting for the dispersal or denial of the request. The entire loan history of the applicant is taken into consideration, including the income, level of debt within the income, and the information contained in the applicant’s loan history report. Although the consumer credit manager may work with a large team of financial professionals who handle the initial paperwork, the final decision is left in the hands of the manager.

If the consumer loan is approved, the credit manager determines the interest rate, the loan term and the maximum amount of money the bank is willing to offer for the loan. The consumer credit manager may also be responsible for monitoring the repayment process and initiating collections processes for delinquent accounts.

Schooling is Required

Typically, lending institutions desire a minimum of a bachelor’s degree in accounting, finance, economics, business, or a related field. Additionally, they must have at least five years of experience in a financial role, such as a loan officer, auditor or financial analyst. Occasionally, if the applicant for the job has a significant number of years working in a loan investment field, advanced formal education is not required, although this depends entirely on the policies of the lending institution.

Essential skills required for becoming a consumer credit manager are strong mathematical and analytical abilities for reading customer reviews and assessing risk levels, as well as excellent communication skills as job duties also entail interacting with customers during the application process. They must communicate well with co-workers and show effective team leadership.

Maintaining Cash Flow

The role of a consumer credit manager is to control bad debt exposure through the direct management of credit terms determined by the company ledgers, and maintain cash flow through effective collections management. The consumer credit manager will monitor the accounts receivable portfolio for economic trends and early warning signs, determine the credit ceiling and set credit rating criteria.

Consumer credit managers are in high demand by all sizes of loan institutions, companies and industries. Employers can be both national and international. The average salary for a consumer credit manager is $73,000 – $98,000 a year.

Don’t hesitate to reach out for a higher-ranking position. If you have the work experience and education, there is nothing holding you back from a better life and career!

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Earn a 100% Online Masters Degrees at ACU
  • Take Your Professional Career To The Next Level With An Online Graduate Degree
  • Online Courses
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • eLearners.com Helps You Find the Right College within Minutes. 100% Free Match to Top Colleges.
  • Get Matched to the Perfect Business Degree Programs from Top Colleges Here.
  • Learn at Your Own Pace and Get Qualified to Pursue a Career You'll Love.
  • Answer a few questions and you are one step closer to enroll in a Top College!
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Earn a 100% Online Masters Degrees at ACU
  • Take Your Professional Career To The Next Level With An Online Graduate Degree
  • Online Courses
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!