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The differences between credit administrators and loan officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a credit administrator, becoming a loan officer takes usually requires 4-6 years. Additionally, a credit administrator has an average salary of $59,271, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a credit administrator include financial statements, credit card payments and real estate. The most important skills for a loan officer are customer service, origination, and loan origination.
| Credit Administrator | Loan Officer | |
| Yearly salary | $59,271 | $45,817 |
| Hourly rate | $28.50 | $22.03 |
| Growth rate | -8% | 4% |
| Number of jobs | 55,726 | 63,663 |
| Job satisfaction | 2 | 4.5 |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 61% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
A credit administrator oversees the credit operations in a company, ensuring efficiency and client satisfaction. They typically conduct research and analysis, handle credit portfolios, perform credit risk assessments, monitor credit accounts, validate requirements, evaluate applications, and develop strategies to optimize operations. A credit administrator may also perform a variety of clerical tasks such as preparing and processing documents, answering calls and correspondence, organizing information, and maintaining records. Moreover, they must lead and encourage staff to reach goals, all while enforcing and promoting the company's policies and regulations.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Credit administrators and loan officers have different pay scales, as shown below.
| Credit Administrator | Loan Officer | |
| Average salary | $59,271 | $45,817 |
| Salary range | Between $33,000 And $106,000 | Between $30,000 And $69,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | BNY Mellon | Bangor Savings Bank |
| Best paying industry | - | Finance |
There are a few differences between a credit administrator and a loan officer in terms of educational background:
| Credit Administrator | Loan Officer | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit administrators' and loan officers' demographics:
| Credit Administrator | Loan Officer | |
| Average age | 39 | 45 |
| Gender ratio | Male, 28.4% Female, 71.6% | Male, 55.3% Female, 44.7% |
| Race ratio | Black or African American, 8.1% Unknown, 2.7% Hispanic or Latino, 10.0% Asian, 9.4% White, 69.5% American Indian and Alaska Native, 0.3% | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |