Credit and Loan Officer

Credit and Loan Officers can either help people get the credit that they need or tell them that they are too high of a risk to extend them credit. They must analyze credit reports and credit scores after receiving credit and loan applications from potential borrowers. It is essential that they can separate themselves from the potential borrower in order to make a prudent decision for the lender.

Duties and tasks

  • Analyse customer information, credit reports and credit scores
  • Answer customers questions about credit, loans or status of their accounts
  • Approve or decline credit and loan applications
  • Check customers employment records and income data
  • Contact financial institutions regarding customers accounts
  • Make inquiries to customers references
  • Prepare financial documents for repossessions or foreclosure
  • Prepare loan and credit documents
  • Record payments
  • Report customers credit standings to upstanding reporting agencies
  • Send letters for delinquent loans

Skills required

  • Ability to maintain composure in tense situations
  • Ability to make unbiased decisions
  • Analytical thinking skills
  • Exceptional math skills
  • Good written and oral communication skills
  • Great record keeping skills
  • Keen eye for details
  • Knowledge of financial strategies and planning

Working conditions

Credit and Loan Officers work in banks, loan offices, credit unions and other lending facilities. These offices are always heated and air conditioned for the comfort of customers and employees. Being a Credit and Loan Officer can be stressful when a loan is declined, but it can be very rewarding when the officer informs a family that they can buy a home!

Professional associations / Industry information

The Finance Sector Union

The Financial Services Institute of Australasia (Finsia)

Related jobs and job titles

  • Accounts Clerk
  • Administrative Assistant
  • Bank Teller
  • Credit Officer
  • Customer Service Manager
  • Customer Service Officer
  • Financial Dealer/Trader
  • Financial Planner
  • Operations/Accounts Officer
  • Telephone Consultant (Banking)

Related degrees

Related subjects