Credit officers sometimes called loan officers or credit analysts hold management positions within a bank credit union or other financial institution that lends money to individuals or businesses. Their main responsibility is helping suitable clients complete loan applications. As part of this process credit officers gather and verify financial information from individuals who are applying for loans in order to make major purchases such as houses or cars or in many cases to pay educational expenses.
Sometimes they work with real estate agents to determine whether potential home buyers qualify for loans. Based on applicants' financial histories and status credit officers determine whether they are capable of repaying the loan. They also assist credit-worthy businesses that are applying for commercial loans in order to invest in equipment or purchase inventory.
According to Ehow.com credit officers need a high school diploma and their employers often train them once they are hired. In some cases credit officers start out as bank tellers and over time are promoted to credit officer positions. However a college degree makes applicants for this position more marketable and those in chief credit officer positions usually have bachelor's degrees in accounting finance or economics. Credit officers must be well-versed in the use of computers because they will need to glean financial information using the internet.
According to the Bureau of Labor Statistics credit officers earn a median annual salary of approximately $55000 with some of the higher earners making well over $100000. Many employers pay a small base salary and the individual credit officer earns commissions based on how many are originated.