Discover the essential requirements, duties, responsibilities, and skills needed for a Credit Manager job description.
What does a Credit Manager do?
Credit managers are responsible for managing the process of giving credit to customers for a company. Their job is to make sure the company makes enough sales and doesn't lose money from customers who don't pay back what they owe. They do this by checking if potential customers can be trusted to pay back their loans, and by regularly reviewing existing customers.
Job Description
We are looking for an experienced credit manager to take charge of our company's lending process. As a credit manager, you will be in charge of deciding if potential customers can be trusted to pay back loans, making systems to score how much risk there is, accepting or rejecting loan applications, talking about payment terms, and updating the company's rules about giving credit.
To be a good credit manager, you should have lots of experience with looking at credit, know how to use accounting software, and have good skills for analyzing things. A great credit manager helps the company make more money by finding the right balance between making sales and losing money from customers who don't pay back their loans.
Job Duties and Responsibilities
- Checking if potential customers can be trusted to pay back loans
- Creating scoring systems to figure out how risky a customer is
- Deciding whether to give or not give a loan based on information available
- Calculating how much interest to charge for a loan
- Talking about payment terms with new customers
- Making sure all loans and lending follow the rules
- Keeping records of all loans the company gives
- Watching how customers pay back loans and dealing with customers who don't pay on time
- Reviewing and updating the company's rules for giving credit
Requirements and Qualifications
- Bachelor's degree in accounting, business, finance, or a similar field
- Proven experience working as a credit manager
- Advanced knowledge of accounting software
- Good understanding of how lending works
- Strong math skills
- Excellent ability to analyze information
- Effective communication skills
- Good people skills
- Detail-oriented mindset
- Ability to handle stressful situations
Alternate Job Titles
- Credit Analysis Manager
- Credit Risk Analysis Manager
Credit Manager Salary
The earning potential of a Credit Manager can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Credit Manager in the United States is approximately $119800.