What does a credit specialist do?

1 Credit analysis

A credit specialist analyzes the credit reports, financial statements, and income sources of potential or existing clients. They use various tools and methods to assess the creditworthiness, risk level, and repayment capacity of each client. They also check for any errors, disputes, or frauds that might affect the credit score. Based on their analysis, they recommend the best credit solutions, such as loans, mortgages, credit cards, or refinancing options, that suit the client's needs and goals.

3 Customer service

A credit specialist also performs customer service tasks, such as answering inquiries, providing information, resolving complaints, and following up with clients. They communicate with clients through various channels, such as phone, email, chat, or face-to-face meetings. They also work with other financial professionals, such as lenders, brokers, accountants, or lawyers, to coordinate and facilitate the credit process. They also maintain accurate and updated records of the client's credit history, transactions, and feedback.

4 Skill requirements

To become a credit specialist, you need a combination of hard and soft skills. Hard skills include knowledge of credit laws, regulations, and standards, proficiency in credit analysis tools, software, and techniques, the capacity to perform mathematical calculations and financial projections, and the ability to read and interpret credit reports, financial statements, and income documents. Soft skills involve communication and interpersonal skills, customer service and relationship-building skills, problem-solving and decision-making skills, organizational and time-management skills, as well as attention to detail and accuracy.

5 Qualification requirements

The qualification requirements for a credit specialist can vary depending on the employer, industry, and location. Generally, a high school diploma or equivalent is necessary, as well as a bachelor's degree in finance, accounting, business, or a related field. Additionally, it is beneficial to possess a certification or license from a recognized credit organization such as the National Association of Credit Management (NACM) or the Institute of Consumer Credit Management (ICCM). Experience in credit analysis, counseling, or customer service is also desirable.