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The differences between closers and credit officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a closer, becoming a credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a closer include customer service, cleanliness and punctuality. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Closer | Credit Officer | |
| Yearly salary | $29,291 | $129,478 |
| Hourly rate | $14.08 | $62.25 |
| Growth rate | 4% | 17% |
| Number of jobs | 7,560 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 69% |
| Average age | 45 | 39 |
| Years of experience | 6 | 2 |
The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Closers and credit officers have different pay scales, as shown below.
| Closer | Credit Officer | |
| Average salary | $29,291 | $129,478 |
| Salary range | Between $20,000 And $40,000 | Between $85,000 And $196,000 |
| Highest paying City | Greece, NY | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | GPAC | Farm Credit System |
| Best paying industry | - | Finance |
There are a few differences between a closer and a credit officer in terms of educational background:
| Closer | Credit Officer | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and credit officers' demographics:
| Closer | Credit Officer | |
| Average age | 45 | 39 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 64.4% Female, 35.6% |
| Race ratio | Black or African American, 9.4% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.1% White, 63.1% American Indian and Alaska Native, 0.5% | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |