Many people dream of buying a house... or going to college... but these plans, and many others, cost more money than most people have. That's where credit and loan counselors and officers come in -they help people find the best ways to borrow the money they need. Loan officers meet with people applying for loans. They examine applicants' financial records and determine just how much money they may be able to borrow. Some people have financial problems that can make it difficult for them to borrow using traditional options... loan counselors search for alternatives. Once they've found an appropriate loan, counselors explain what financial regulations are involved. Credit counselors help customers resolve financial issues, from creating a plan to pay off debt, to finding a financial aid program for college. Financial matters can be tedious and frustrating to handle, so a steady demeanor is helpful. This work requires the ability to listen carefully and explain complicated issues simply. Credit and loan officers and counselors work in banks, higher education, and in mortgage firms. In addition to math skills, they must be detail-oriented to accurately complete loan documents. These professionals usually have a degree in finance or economics. If you like helping people and you're good with numbers, your skills could lend themselves to a career as a credit professional.
What they do:
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
On the job, you would:
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Business
customer service
accounting and economics
Arts and Humanities
English language
Math and Science
arithmetic, algebra, geometry, calculus, or statistics
Engineering and Technology
computers and electronics
Basic Skills
listening to others, not interrupting, and asking good questions
talking to others
Problem Solving
noticing a problem and figuring out the best way to solve it
Social
looking for ways to help people
understanding people's reactions
Verbal
communicate by speaking
listen and understand what people say
Math
add, subtract, multiply, or divide
choose the right type of math to solve a problem
Ideas and Logic
make general rules or come up with answers from lots of detailed information
notice when problems happen
People interested in this work like activities that include data, detail, and regular routines.
They do well at jobs that need:
Integrity
Attention to Detail
Stress Tolerance
Achievement/Effort
Dependability
Initiative
You might use software like this on the job:
Financial analysis software
Delphi Discovery
Experian Credinomics
Content workflow software
Equifax Application Engine
Experian Transact SM
Accounting software
Bottom Line LoanMaster Loan Servicing
Financial Industry Computer Systems Loan Accountant
bachelor's degree or high school diploma/GED usually needed
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