A Credit Clerk is an entry-level position in the field of consumer finance, often working directly with consumers to assess and evaluates credit worthiness when applying for a loan. Usually an entry-level job, they are employed in a variety of settings and their duties range from purely administrative to extremely hands on. Credit Clerks are often junior members of Credit Assessment teams and have very clearly delineated responsibilities.
What exactly does a Credit Clerk do?
Credit Clerks often work directly with potential borrowers to assess and evaluate the risk associated with lending to the consumer, estimating interest rates and walking the customer through the process of applying for a loan. They are also responsible for maintaining and creating financial records of the transactions that they perform.
What is the minimum level of education a Credit Clerk requires?
Most financial institutions accept a high school diploma or equivalency certificate for work as a Credit Clerk. The vast majority of duties are learned through on the job training, however, and affinity for calculations and acumen with numbers can make an entry into the position a bit softer. A two or four year degree is unnecessary, although having a degree in Finance can lead to much faster advancement and better job prospects.
How much does a Credit Clerk earn?
The average Credit Clerk earns a little over $30,000 a year. While this seems a little on the low side, the opportunities for advances and raises are high, with many Credit Clerks also earning a small commission on loans that they precipitate. The large draw for this position is the ample opportunities for advancement, with most Credit Clerks using the job as a foothold into the financial industry.
What is working as a Credit Clerk like?
Credit Clerk often work for high profile financial companies such as banks, federal credit unions, and mortgage brokers, as well as loan dependent sellers such as car companies and jewelers. They have a typical American work week, usually no more than 45 hours a week, and are considered white collar professionals.
Are opportunities as a Credit Clerk available?
Growth in the financial sector directly correlates to positions available as a Credit Clerk. As the economy recovers, more and more consumers apply for loans, and the need for experienced, professional Credit Clerks increases. While there is some competition, their job market for Credit Clerks has grown steadily every year, with more gains expected as the economy grows stronger and more consumers need credit to purchase homes and cars.
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median earnings per week than workers with only a high school diploma.*