Credit authorizers, checkers, and clerks typically review credit applications, verify the information provided, determine credit worthiness, and authorize or reject credit. Their job responsibilities may include: 1. Reviewing credit history and other financial information to make decisions on credit applications. 2. Verifying the accuracy of information provided on credit applications. 3. Contacting customers or creditors to resolve issues related to credit applications. 4. Evaluating customers' credit reports and payment histories. 5. Making decisions on credit limits and terms based on established criteria. 6. Authorizing or declining credit applications based on company policies and guidelines. 7. Maintaining records of credit applications, authorizations, and transactions. 8. Ensuring compliance with financial regulations and data protection laws. 9. Communicating credit decisions to applicants and relevant stakeholders. 10. Collaborating with other departments such as sales, finance, and customer service. These professionals play a crucial role in managing credit risk for businesses and ensuring that credit decisions are made in a consistent and fair manner.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $32,240.00 |
25th percentile | $34,780.00 |
median (50th percentile) | $45,760.00 |
75th percentile | $57,750.00 |
90th percentile | $64,480.00 |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $15.50 |
25th percentile | $16.72 |
median (50th percentile) | $22.00 |
75th percentile | $27.76 |
90th percentile | $31.00 |
Credit Authorizers, Checkers, and Clerks typically need a high school diploma or equivalent for entry-level positions, although some employers may prefer candidates with some college education or an associate degree in business-related fields. These professionals primarily assess credit risk, verify the accuracy of credit data, and approve or deny credit applications based on specific criteria. They also maintain records of customers' credit activities and review credit history to evaluate the financial status of individuals or businesses seeking credit. While a high school diploma is generally sufficient for this role, higher education can provide a competitive edge and open up advancement opportunities. Training for Credit Authorizers, Checkers, and Clerks often involves on-the-job instruction where new employees learn about company policies, procedures, and specific software systems used for credit evaluation and processing. They may also receive training on relevant regulations governing credit practices and consumer protection laws. Additionally, individuals in these roles may undergo mentorship programs or attend workshops to enhance their skills in risk assessment, customer service, and financial analysis, thereby improving their effectiveness in evaluating creditworthiness and minimizing potential risks for the organization.