Credit Analysts

Career summary

#no corresponding wois occ.

#checked 3/19/19 lh

Credit analysts examine the information people provide when applying for loans or credit. They look at earnings, savings, debts, and payment history on credit cards. They analyze whether applicants can repay loans. They evaluate whether the company will make money from the loans.

Credit analysts weigh the strengths and weaknesses of applications. They decide how much risk there is in lending to each applicant. Analysts write a summary of the credit analysis and submit it to the loan committee. These reports include a payment plan. Analysts determine how much money applicants can pay each month based on their income and other expenses.

Credit analysts use computers to help analyze the information. They use computer programs that calculate different measures of financial status. Sometimes credit analysts talk to loan applicants. Analysts check to be sure that all the information they have is correct.

Occasionally credit analysts review files after loans have been made. They look for accounts that have not been paid. Analysts forward these accounts to bill collectors or lawyers. In addition, credit analysts sometimes exchange credit information with credit associations.

Related careers

This career is part of the Finance cluster of careers.

Related careers include:

• Accountants and Auditors
• Brokerage Clerks
• Budget Analysts
• Buyers and Purchasing Agents
• Cost Estimators
• Credit Counselors
• Financial Analysts
• Financial Counselors
• Insurance Adjusters and Examiners
• Insurance Underwriters
• Job Benefits and Analysis Specialists
• Loan Clerks
• Loan Officers
• Tax Examiners
• Tax Preparers

Job duties

Task list

The following list of tasks is specific to credit analysts.

• Complete loan applications and forward to loan committees.
• Determine how much risk is involved in lending money for loans.
• Evaluate customers' financial status. Examine earnings, savings, debts, and payment history.
• Use a computer to calculate different measures of financial well-being.
• Find accounts that have not been paid and forward them to bill collectors.
• Recommend a payment plan based on the financial status of the borrower.
• Talk to customers to check that all information is correct. Revise information as needed.
• Analyze how much money loans will make for the lending company.
• Exchange credit information with credit associations and similar businesses.
• Write credit and lending reports.

Common work activities

Credit analysts perform the following tasks. These tasks are common to many careers.

• Get information needed to do the job
• Use computers
• Communicate with supervisors, peers, or subordinates
• Analyze data or information
• Make decisions and solve problems
• Establish and maintain relationships
• Document and record information
• Communicate with people outside the organization
• Process information
• Organize, plan, and prioritize work
• Resolve conflicts and negotiate with others
• Update and use job-related knowledge
• Identify objects, actions, and events
• Explain the meaning of information to others
• Evaluate information against standards
• Perform administrative tasks
• Judge the value of objects, services, or people

Work requirements

Working conditions

In a typical work setting, credit analysts:

Interpersonal relationships

• Have a medium level of social contact. They work with loan applicants, loan officers, and office staff.
• Communicate with coworkers and applicants daily by telephone, e-mail, and in person.
• Write letters and memos daily.
• Occasionally are placed in conflict situations in which applicants may be rude or angry.

Physical work conditions

• Always work indoors.
• Work near other people, but in a separate office or many feet apart.

Work performance

• Must be exact in their work and avoid errors. Errors could lose money for the company.
• Meet strict deadlines weekly.
• Often make decisions that affect the financial resources of the company.
• Work as part of a loan team.
• Can make most decisions and set most goals without talking to a supervisor.

Hours/travel

• Usually work full time.
• Work a regular set schedule.

Physical demands

Credit analysts frequently:

• Sit for long periods of time.
• Repeat the same movements.
• Use their hands to handle, control, or feel objects, tools, or controls.

It is important for credit analysts to be able to:

• See details of objects that are less than a few feet away.
• Speak clearly so listeners can understand.
• Understand the speech of another person.

It is not as important, but still necessary, for credit analysts to be able to:

• Use fingers to grasp, move, or assemble very small objects.
• See details of objects that are more than a few feet away.
• Focus on one source of sound and ignore others.
• See differences between colors, shades, and brightness.

Skills and abilities

Credit analysts need to:

Communicate

• Understand spoken information.
• Speak clearly so listeners can understand.
• Listen to others and ask questions.
• Understand written information.
• Read and understand work-related materials.
• Write clearly so other people can understand.

Reason and problem solve

• Analyze ideas and use logic to determine their strengths and weaknesses.
• Notice when something is wrong or is likely to go wrong.
• Understand new information or materials by studying and working with them.
• Use reasoning to discover answers to problems.
• Combine several pieces of information and draw conclusions.
• Judge the costs and benefits of a possible action.
• Follow guidelines to arrange objects or actions in a certain order.
• Recognize the nature of a problem.
• Develop rules that group items in various ways.
• Concentrate and not be distracted while performing a task.

Use math and science

• Choose a mathematical method or formula to solve problems.
• Add, subtract, multiply, and divide quickly and correctly.
• Use math skills to solve problems.

Work with people

• Look for ways to help people.

Perceive and visualize

• Identify a pattern (a figure, object, word, or sound) that is hidden in distracting material.

Education and training

Educational programs

The programs of study listed below will help you prepare for the occupation or career cluster you are exploring.

Programs of study directly related to this occupation

• Accounting
• Finance

Other programs of study to consider

• Business Economics
• Business Management and Administration
• Economics
• Statistics

Training

To work as a credit analyst, you typically need to:

• have a high school diploma or equivalent; and
• have a bachelor's degree.

Education after high school

Most credit analysts have a bachelor's degree. Common areas of study are accounting, economics, statistics, finance, or business administration. A master's degree in one of these areas may help advance your career.

Work experience

Working in a bank, credit union, or finance company while in college provides good experience.

On-the-job training

Employers provide new analysts with training in credit report writing, customer relations, and other areas. Training generally lasts between two and six months.

Helpful high school courses

In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements.

You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.

Helpful electives to take in high school that prepare you for this career include:

• Banking and Finance
• Computer Applications
• Consumer Law
• Personal Finance

The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.

You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.

Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career. Here are examples of activities and groups that may be available in your high school or community.

Things to know

Most employers require that applicants have a bachelor's degree. They also look for applicants with several years of work-related experience.

Costs to workers

Some workers may join a professional association and pay annual dues. Costs vary and are sometimes paid by the employer. Additional costs may include appropriate business attire.

Job listings

Listed below are links to job categories from the National Labor Exchange that relate to this career. Once you get a list of jobs, you can view information about individual jobs and find out how to apply. If your job search finds too many openings, or if you wish to search for jobs outside of Washington, you will need to refine your search.

• Credit Analysts 

To get a listing of current jobs from the WorkSource system, go to the WorkSource website .

Wages

Wages for credit analysts vary by their responsibilities and level of education. The area of the country where they work may also affect their pay.

Credit analysts who work full time usually receive benefits. Common benefits are sick leave, paid vacation, and health insurance.

Employment and outlook

Washington outlook

The table below provides information about the number of workers in this career in various regions. It also provides information about the expected growth rate and future job openings.

National employment

Major employers:

• Banks and credit unions
• Credit card companies
• Car and truck dealers
• Business management companies

National outlook

Demand for this occupation will be strong. As the economy improves more people are taking out loans again. Growth may be limited by automation. Many credit companies use computers to analyze applicant's financial information. This reduces the amount of work analysts must do before they prepare their reports. As a result, analysts can process more applications.

Job openings occur as people leave the occupation.

Other resources

Consumer Data Industry Association 
1090 Vermont Avenue NW, Suite 200
Washington, DC 20005
202.371.0910

Credit Professionals International 

eFinancialCareers 

National Association of Consumer Credit Administrators 
1000 Potomac Street, NW
Suite 108
Washington, DC 20007

National Association of Credit Management 
8840 Columbia 100 Pkwy
Columbia, MD 21045
410.740.5560

References

Career cluster

• Finance

Career path

• Conventional (Business Operations)

O*Net  occupation

• Credit Analysts (13-2041.00) 

O*Net job zone 

• Job Zone 4 - Considerable preparation needed. A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations.

DOT occupations

• Credit Analyst (160.267-022) 
• Credit Analyst (241.267-022) 
• Loan Review Analyst (186.267-022) 

Holland occupational clusters

• Conventional/Enterprising/Investigative
• Conventional/Enterprising/Social

COPSystem

• Business Skilled