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How to Become a Credit Clerk

Career News June 9, 2014

Would you enjoy working stable hours, with good pay, in a rewarding work profession? Of course, and that’s why you should set your sights on the credit industry.

A credit clerk works for either a lending institution or a bank and takes on primary responsibilities. They work for the “creditor” and will fulfill obligations involving gathering documents, taking regular payments, and filing papers electronically and physically.

Your job as a credit clerk is to ensure everything is in order and that lenders are maintaining their cash flow. You will be in charge of updating the cashbook and performing accounting work and other bookkeeping services. You are entrusted with protecting against loss and conduct other administrative tasks, which means you need to be a flexible worker.

Role of a Credit Clerk

The credit sector signifies a specialty focus in loans and credit cards. You interview applicants in order to obtain their relevant information. After the application process, it’s time to contact the credit bureaus, employers, and other references to establish the truth of the application. You may also have to set a credit limit, taking into account factors like assets, credit experience, and collateral. You are not making managerial decisions but are assembling facts for a high-ranking manager to approve the credit loan.

Rejection is part of business and life so you will have the thankless task of informing applicants of their loan rejection, whether by phone or mail. Good record keeping is essential when it comes to legal protection and investigation, so always record transactions objectively and with careful attention to detail. Other duties include adjusting credit charges or granting extensions, accepting payments on accounts, reporting to others on an account holder’s credit rating, and computing interest using a software calculator.

Skill and Experience Counts

Depending on the type of company you work at, you may have to show experience in working with special credit software, as well as general computer skills. For example, some companies list MS Office, Matrix or Excel as prerequisites, whereas others will expect you to be flexible and willing to learn database software handling client calls. Work experience is very important, and you won’t get far without at least two years of lending experience, preferably in the credit business.

Knowledge of general account procedures is vital, since you will prepare batches of invoices and maintain them. This suggests that the company will look for a bachelor’s degree over a high school diploma since this shows initiative as well as formal training in the finance business. While the position of “clerk” is usually associated with the cashier; banking industry clerks have additional responsibilities.

The best way to plan for a career in credit is to go to school now and earn a degree in a related field, or some vein of finance, so that your resume stands out from the crowd. To further increase the odds of hiring, aim to work within a lending institution and work your way up. This is a prosperous career choice and one that will not disappoint.

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