Occupation Profile for Credit Checkers

Investigate history and credit standing of individuals or business establishments applying for credit. Telephone or write to credit departments of business and service establishments to obtain information about applicant's credit standing.

 
 

Significant Points

  • Most jobs require only a high school diploma.
  • Employment is expected to decline.

 

 
 
Sample Job Titles
Accounts Receivable Manager
Branch Manager
Business Manager
Call Out Operator
Commercial Credit Reviewer
Commercial Loan Reviewer
Credit Administrator
Credit Analyst
Credit Assistant
Credit Coordinator
Credit Historian
Credit Interviewer
Credit Investigator
Credit Manager
Credit Processor
Credit Reference Clerk
Credit Reporter
Credit Representative
Credit Specialist
Credit Verifier
Customer Service Representative
Finance Manager
Inspector
Inspector, Credit Rating
Inspector, Farm Loan
Insurance and Accounts Receiveable Coordinator
Investigator
Investigator, Credit
Loan Processor

Training
  • These occupations often involve using your knowledge and skills to help others. Examples include sheet metal workers, forest fire fighters, customer service representatives, pharmacy technicians, salespersons (retail), and tellers.
  • These occupations usually require a high school diploma and may require some vocational training or job-related course work. In some cases, an associate's or bachelor's degree could be needed.
  • Some previous work-related skill, knowledge, or experience may be helpful in these occupations, but usually is not needed. For example, a teller might benefit from experience working directly with the public, but an inexperienced person could still learn to be a teller with little difficulty.
  • Employees in these occupations need anywhere from a few months to one year of working with experienced employees.

Employers generally prefer workers with a least a high school diploma or its equivalent and usually provide on-the-job training.

Education and training. A high school diploma or its equivalent is usually the minimum requirement for these workers. Most new employees are trained on the job, working under close supervision of more experienced employees. Some firms offer formal training that may include courses in telephone etiquette, computer use, and customer service skills. Some credit authorizers, checkers, and clerks also take courses in credit offered by banking and credit associations, public and private vocational schools, and colleges and universities.

Experience and other qualifications. Other requirements of the job include good telephone and organizational skills and the ability to pay close attention to details and meet tight deadlines. Computer skills also are important in order to enter and retrieve data quickly.

Advancement. These workers typically can advance to supervisory positions. They may become loan or credit department supervisor or team leader of a small group of clerks.

Nature of Work

Credit authorizers, checkers, and clerks review credit history and obtain the information needed to determine the creditworthiness of individuals or businesses applying for credit. They spend much of their day on the telephone or on the Internet obtaining information from credit bureaus, employers, banks, credit institutions, and other sources to determine applicants’ credit history and ability to repay what they borrow or charge.

Credit authorizers, checkers, and clerks process and authorize applications for credit, including applications for credit cards. Although the distinctions among the three job titles are disappearing, some general differences remain. Credit clerks typically handle the processing of credit applications by verifying the information on the application, calling applicants if additional data are needed, contacting credit bureaus for a credit rating, and obtaining any other information necessary to determine applicants’ creditworthiness. If clerks work in a department store or other establishment that offers instant credit, they enter the applicant’s information into a computer at the point of sale. A credit rating is then transmitted from a central office within seconds to indicate whether the application should be rejected or approved.

Credit checkers investigate the credit history and current credit standing of a person or business prior to the issuance of a loan or line of credit. Credit checkers also may contact credit departments of businesses and service companies to obtain information about an applicant’s credit standing. Credit reporting agencies and bureaus hire checkers to secure, update, and verify information for credit reports. These workers often are called credit investigators or credit reporters.

Credit authorizers approve charges against customers’ existing accounts. Most charges are approved automatically by computer. However, when accounts are past due, overextended, or invalid, or when they show a change of address, salespersons refer the associated transactions to credit authorizers located in a central office. These authorizers evaluate customers’ computerized credit records and payment histories and quickly decide whether to approve new charges.

Work environment. Credit authorizers, checkers, and clerks usually work a standard 40-hour week. However, they may work overtime during particularly busy periods, such as holiday shopping seasons and store sales. Most credit authorizers, checkers, and clerks work in areas that are clean, well lit, and relatively quiet. These workers sit for long periods of time in front of computer screens, which may cause eyestrain and headaches. Part-time work is available, and temporary workers are often hired during peak workloads.

Related Occupations

Sources: Career Guide to Industries (CGI), Occupational Information Network (O*Net), Occupation Outlook Handbook (OOH)
Earnings

Median hourly earnings of credit authorizers, checkers, and clerks in May 2006 were $14.41. The middle 50 percent earned between $11.25 and $18.10. The lowest 10 percent earned less than $8.72, and the highest 10 percent earned more than $22.30. Median hourly earnings in nondepository credit intermediation were $15.21 in 2006, while median earnings in depository credit intermediation were $15.01.

For the latest wage information:

The above wage data are from the Occupational Employment Statistics (OES) survey program, unless otherwise noted. For the latest National, State, and local earnings data, visit the following pages:

  • Credit authorizers, checkers, and clerks
  • Job Outlook

    Employment for this occupation is expected to decline moderately through the year 2016. However, job openings will still arise from the need to replace workers leaving the occupation.

    Employment change. Employment of credit authorizers, checkers, and clerks is expected to decline moderately by about 8 percent between 2006 and 2016. Despite a projected increase in the number of credit applications, technology will allow these applications to be processed, checked, and authorized by fewer workers than were required in the past.

    Credit scoring is a major development that has improved the productivity of credit authorizers, checkers, and clerks, thus limiting employment growth in the occupation. Companies and credit bureaus now can purchase software that quickly analyzes an applicant’s creditworthiness and summarizes it with a score. Credit issuers then can easily decide whether to accept or reject an application on the basis of its score, speeding up the authorization of loans or credit. Obtaining credit ratings also has become much easier for credit checkers and authorizers because businesses now have computer systems directly linked to credit bureaus that provide immediate access to a person’s credit history.

    Job prospects. Despite an expected decline in employment, job prospects for credit authorizers, checkers, and clerks will remain good

    Employment

    Credit authorizers, checkers, and clerks held about 69,000 jobs in 2006. Nearly half of these workers were employed by finance and insurance industries, mainly firms in credit intermediation and related activities, such as commercial and savings banks; credit unions; and mortgage, finance, and loan companies. Credit bureaus, collection agencies, and wholesale and retail trade establishments also employ these clerks.

    Knowledge
    • Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
    • Engineering and Technology — Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
    • Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
    • Medicine and Dentistry — Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
    • Physics — Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub- atomic structures and processes.
    Skills
    • Equipment Maintenance — Performing routine maintenance on equipment and determining when and what kind of maintenance is needed.
    • Coordination — Adjusting actions in relation to others' actions.
    • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
    • Writing — Communicating effectively in writing as appropriate for the needs of the audience.
    • Troubleshooting — Determining causes of operating errors and deciding what to do about it.
    Abilities
    • Near Vision — The ability to see details at close range (within a few feet of the observer).
    • Stamina — The ability to exert yourself physically over long periods of time without getting winded or out of breath.
    • Explosive Strength — The ability to use short bursts of muscle force to propel oneself (as in jumping or sprinting), or to throw an object.
    • Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
    • Hearing Sensitivity — The ability to detect or tell the differences between sounds that vary in pitch and loudness.
    Tasks
    • Supplemental — Contact former employers and other acquaintances to verify applicants' references, employment, health history, and social behavior.
    • Supplemental — Examine city directories and public records in order to verify residence property ownership, bankruptcies, liens, arrest record, or unpaid taxes of applicants.
    • Supplemental — Relay credit report information to subscribers by mail or by telephone.
    • Core — Compile and analyze credit information gathered by investigation.
    • Core — Obtain information about potential creditors from banks, credit bureaus, and other credit services, and provide reciprocal information if requested.
    Activities
    • Monitoring and Controlling Resources — Monitoring and controlling resources and overseeing the spending of money.
    • Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
    • Assisting and Caring for Others — Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.
    • Repairing and Maintaining Electronic Equipment — Servicing, repairing, calibrating, regulating, fine-tuning, or testing machines, devices, and equipment that operate primarily on the basis of electrical or electronic (not mechanical) principles.
    • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
    Related College Curriculum
     
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    Colleges Offering Curriculum

    1 Credit Checker Job Found


    Grade: Manage, direct, and supervise all department employees. Prepare work schedules to maximize the effectiveness of the department in terms of s...
    MGM Resorts International - NV - Las Vegas - posted 7 days ago

     
     
     
     
     

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