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
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Lancaster Bible College|Capital Seminary & Graduate School is a private Bible college composed of undergraduate, accelerated undergraduate and graduate learners.
  • Lancaster Bible College|Capital Seminary & Graduate School's mission has remained constant since 1933:
  • Lancaster Bible College|Capital Seminary & Graduate School offers 50+ majors, 8 academic departments and a variety of mission/ministry groups.
  • Lancaster Bible College's programs offer flexible degree formats. Our programs allow you to continue working in your current field, and apply life experiences as credits in certain instances.
  • Lancaster Bible College|Capital Seminary & Graduate School believes that God gave you a unique set of gifts. Now, He's giving you the opportunity to use them
  • 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
  • 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
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Lancaster Bible College|Capital Seminary & Graduate School is a private Bible college composed of undergraduate, accelerated undergraduate and graduate learners.
  • Lancaster Bible College|Capital Seminary & Graduate School's mission has remained constant since 1933:
  • Lancaster Bible College|Capital Seminary & Graduate School offers 50+ majors, 8 academic departments and a variety of mission/ministry groups.
  • Lancaster Bible College's programs offer flexible degree formats. Our programs allow you to continue working in your current field, and apply life experiences as credits in certain instances.
  • Lancaster Bible College|Capital Seminary & Graduate School believes that God gave you a unique set of gifts. Now, He's giving you the opportunity to use them
  • 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

Login to your account

Can't remember your Password ?

Register for this site!