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The differences between credit analysts and credit and collections analysts 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 analyst, becoming a credit and collections analyst takes usually requires 6-12 months. Additionally, a credit analyst has an average salary of $61,422, which is higher than the $49,262 average annual salary of a credit and collections analyst.
The top three skills for a credit analyst include customer service, credit analysis and customer accounts. The most important skills for a credit and collections analyst are customer service, credit limits, and past due accounts.
| Credit Analyst | Credit And Collections Analyst | |
| Yearly salary | $61,422 | $49,262 |
| Hourly rate | $29.53 | $23.68 |
| Growth rate | -5% | -8% |
| Number of jobs | 16,406 | 18,105 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 52% |
| Average age | 39 | 46 |
| Years of experience | 2 | 12 |
A credit analyst's role is to assess and determine a client's capacity to uphold financial obligations when applying for loans or credit programs. Working for creditors like banks and lending firms, a credit analyst must interpret and analyze financial data and personal records, identify inconsistencies and risks, and verify necessary documentation in support of loan committees. Furthermore, a credit analyst must also perform administrative tasks such as preparing reports and applications, fulfilling document requests, reaching out to clients, and coordinating with colleagues to assure accuracy in all operations.
A credit and collections analyst is responsible for evaluating clients' account statements and financial transactions, analyzing their credit scores, and creating payment plans for outstanding debts. Credit and collections analysts assist in handling account discrepancies and financial disputes, reaching out to financial institutions and clients to collect documents and necessary data for resolution processes. They also update the clients' information on the database, analyze the terms of service of contracts, and respond to the customers' inquiries and concerns regarding their account status.
Credit analysts and credit and collections analysts have different pay scales, as shown below.
| Credit Analyst | Credit And Collections Analyst | |
| Average salary | $61,422 | $49,262 |
| Salary range | Between $40,000 And $93,000 | Between $35,000 And $69,000 |
| Highest paying City | New York, NY | Bridgewater, NJ |
| Highest paying state | New York | Connecticut |
| Best paying company | Apollo Global Management | Vishay |
| Best paying industry | Finance | Finance |
There are a few differences between a credit analyst and a credit and collections analyst in terms of educational background:
| Credit Analyst | Credit And Collections Analyst | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between credit analysts' and credit and collections analysts' demographics:
| Credit Analyst | Credit And Collections Analyst | |
| Average age | 39 | 46 |
| Gender ratio | Male, 44.2% Female, 55.8% | Male, 30.0% Female, 70.0% |
| Race ratio | Black or African American, 7.7% Unknown, 2.6% Hispanic or Latino, 9.5% Asian, 10.5% White, 69.4% American Indian and Alaska Native, 0.3% | Black or African American, 12.0% Unknown, 4.0% Hispanic or Latino, 20.5% Asian, 3.6% White, 59.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |