Credit Manager Job Description

The person who gives the final approval for loan or credit is known as the credit manager. The credit managers give their final approval after making sure that the customer is able to pay back the loan. To know more about this profession, read the credit manager job description given for your read.

The credit manager's post is extremely important. It has gained even more prominence since the global recession. They now have to be even more careful to whom they can lend out loans. One of the reasons why the recession took place was because people were not being able to pay back their loans. Hence, the credit manager is responsible to make the assessment whether a person can clear off his or her debts.

The manager has to manage the whole credit department. They have to put measures in place so that the people who come in for loans are fully verified. Each person who has a credit card or a bank account has a credit history, which can be accessed through his or her social security number. The credit department does the credit check of each customer.

Not all loans come for the manager's approval though; the clerks of the department handle the small ones while the bigger loans come directly to the manager. The manager has to show a lot of intelligence while lending out loans as banks make most of their profits through loans. The manager also needs to have a gut instinct while approving loans. Sometimes a customer may not look good on paper but actually might be an honest person, while another might look good on paper but turn out be a defaulter.

The credit manager has to devise new methods for doing background checks along with the usual ones. They also have to handle all the defaulters and foreclose on their assets if they do not pay back the credit. This is a tough job, but if you think you have it in you, read the credit manager job description given below in detail.

Duties and responsibilities of a credit manager

They have to do a thorough credit check on all the loan requests that come in to the bank
They have to hire the right people for the department who will do a good job with the verification
They have to train the new staff and assign them duties
They have make sure all the credit policies are followed in all transactions that take place in their department
The credit manager has to design a system for their department that could be put to use by all the clerks working in the department
They have to look at the books of account of the department at the end of each day
They have to make sure that the defaulters pay up by sending letter to their homes reminding them of the loan
The credit managers can send loan recovery officers to the homes of the defaulters
They can also foreclose on the assets of the defaulters
If any customer has difficulty paying the debt, the manager can arrange for a financial plan for that customer that will help him or her pay off the loan in time
They have to report to the corporate office of the bank regularly

Education required by a credit manager

Bachelor's degree in business or commerce is mandatory
Experience working in the credit department of a bank or any financial institution

Career Advancement

They can move in to the corporate office of the bank.