Credit Manager Job Description and Salary Information : Current School News

Credit Manager Job Description and Salary Information

Filed in Job by on June 16, 2020

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Credit Manager Job Description and Salary Information.

Credit Manager Job Description: A credit manager primarily focuses on collecting money owed to their company, whether it is for some type of service or a particular product.

The credit manager position is accountable for the entire credit granting process, including the consistent application of a credit policy, periodic credit reviews of existing customers, and also the assessment of the creditworthiness of potential customers, with the goal of optimizing the mix of company sales and bad debt losses.

Credit Manager Job Description

A credit manager is responsible for protecting a company’s assets by investigating and assessing the “creditworthiness” of potential customers.

A credit manager may be tasked to do credit reviews of existing customers, assess the creditworthiness of potential customers, and work on the application of a credit policy. Credit managers are also assigned to ensuring the company has a good mix of sales and bad debt losses.

Credit Manager Job Responsibilities

  1. Maintains a department organizational structure sufficient to meet all goals and objectives.
  2. Properly motivate the credit and collections staff.
  3. Measure department performance with appropriate metrics.
  4. Provide for ongoing training of the credit staff.
  5. Manage relations with collection agencies.
  6. Manage relations with credit reporting agencies.
  7. Manage relations with credit insurance
  8. Manage relations with the sales department.
  9. Maintains the corporate credit policy.
  10. Recommends changes in the credit policy to senior management.
  11. Creates a credit scoring model.
  12. Manages customer credit files.
  13. Monitors the credit granting and updating process.
  14. Accepts or reject the staff’s credit recommendations.
  15. Personally investigate the largest customer credit applications.
  16. Personally visit the largest customers to establish relations.
  17. Monitors periodic credit reviews.
  18. Monitors deductions being taken by customers.
  19. Manages the application of late fees.
  20. Manages the corporate financing program.
  21. Leadership & ownership & full responsibility.
  22. Establishing credit lines & monitoring.
  23. Maintaining credit insurance & strong negotiation skills.
  24. Clear report to top managers on a timely manner.
  25. Collections & strategy planning of control.
  26. Skillful communication with sales team & customers.
  27. Deduction tracking & reconciliation.
  28. Guide & educate sales team & customers.
  29. Develop and standardize written policy documentation related to the credit and customer set up process.
  30. Interface with the sales organization to communicate credit decisions and ensure timely review of new customers.
  31. Make credit decisions within assigned authority.
  32. Plan and organize activities of credit/customer set up a team to ensure file reviews are completed timely / accurately.
  33. Initiate process improvement and quality reviews to simplify and improve productivity.
  34. Negotiate documentation and payment terms with customers to ensure transactions are properly secured.
  35. Resolve credit issues with customers.
  36. Develop management reporting.
  37. To facilitate relations with collection agencies; to foster a good relationship with insurance providers, credit reporting agencies, and the sales department.
  38. Ensuring customer satisfaction.
  39. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money.
  40. Prepare reports with this credit information for use in decision-making.

Credit Manager Job Requirements

Requirements vary with individual companies. One firm may choose to promote a good worker who does not have a college degree, whereas another company may look for applicants who have college training in a specific field.

Management trainees in retail stores or credit unions usually must have prior work experience in the credit field.

The requirements include:

  1. 5+ years of credit experience.
  2. Bachelor’s degree in business and experience with credit scoring systems preferred.
  3. Have a thorough knowledge of credit-related laws.
  4. Be willing to periodically travel to customer sites.
  5. Have considerable experience with customer negotiations.

Required skills

  1. Strong computer skills – Word, Excel, PowerPoint, Viseo, SAP, and JDE.
  2. Vast understanding of credit reporting agencies (D&B / Equifax).
  3. Proficient in reading/interpreting financial statements for the purpose of underwriting credit.
  4. Prior experience with UCC filings and personal guarantees.
  5. Excellent written and verbal communications.
  6. Ability to manage relationships both internally and externally.
  7. Strong audit background, problem-solving and customer service skills.
  8. Ability to work effectively within a team
  9. Ability to solve problems under pressure.
  10. Credit managers must also be creative thinkers.
  11. They should also be professional, confident, and motivated when they collect payments.

Working Conditions:

  1. Works in a fast-paced office environment.
  2. Expected to travel to customer locations on short notice to conduct negotiations.
  3. Occasional overtime may be necessary.
  4. Credit managers work inside the office.
  5. Credit managers may also be assigned to do field works to talk with existing and potential clients.
  6. This job is often a traditional full-time job with 40 hours a week reporting requirement.
  7. Commercial credit managers who service commercial accounts may visit business offices or plants to interview current and prospective clients.
  8. Credit managers must have good judgment and consideration.
  9. Commercial credit managers usually work longer and less regular hours than consumer credit managers.

Credit Manager Job Salary Information

Earnings are still dependent on the skills, experience, and education of a credit manager.

The size of the company employing the credit manager is also a factor.

The average annual salary of credit managers is nailed at:

  • $72,329
  • N26, 073,984.21
  • £56,897.09

Credit managers are during vacations and holidays. They also receive health and life insurance and retirement benefits.

In addition, some companies offer their employees profit sharing plans, cash bonuses, and the opportunity to purchase stock in the firm.

CSN Team.

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