Credit counselor vs credit officer

The differences between credit counselors and credit officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 1-2 years to become both a credit counselor and a credit officer. Additionally, a credit officer has an average salary of $129,478, which is higher than the $40,227 average annual salary of a credit counselor.

The top three skills for a credit counselor include customer service, debt management and outbound calls. The most important skills for a credit officer are risk management, credit risk, and credit analysis.

Credit counselor vs credit officer overview

	Credit Counselor	Credit Officer
Yearly salary	$40,227	$129,478
Hourly rate	$19.34	$62.25
Growth rate	-8%	17%
Number of jobs	32,221	60,323
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 69%
Average age	45	39
Years of experience	2	2

Credit counselor vs credit officer salary

Credit counselors and credit officers have different pay scales, as shown below.

	Credit Counselor	Credit Officer
Average salary	$40,227	$129,478
Salary range	Between $27,000 And $59,000	Between $85,000 And $196,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	BNY Mellon	Farm Credit System
Best paying industry	Finance	Finance

Differences between credit counselor and credit officer education

There are a few differences between a credit counselor and a credit officer in terms of educational background:

	Credit Counselor	Credit Officer
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 69%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Credit counselor vs credit officer demographics

Here are the differences between credit counselors' and credit officers' demographics:

	Credit Counselor	Credit Officer
Average age	45	39
Gender ratio	Male, 41.2% Female, 58.8%	Male, 64.4% Female, 35.6%
Race ratio	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% 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%

Differences between credit counselor and credit officer duties and responsibilities

Credit counselor example responsibilities.

Manage accounting operations, accounting close, account reporting and reconciliations.
Conduct underwriting reviews on FHA, VA, and other conforming and non-conforming loans within proper authority limits.
Gain thorough knowledge of FDCPA laws.
Complete in-service trainings, CPR training and medication certification course.
Determine services and assistance need through individual counseling for credit cards and for clients that are at risk for foreclosure.
Perform comprehensive financial assessment of homeowners facing financial crisis and at risk of foreclosure.

Credit officer example responsibilities.

Manage credit risk and provide independent oversight of the bank portfolio.
Manage the global function for an ERP software company that has a niche market in manufacturing companies.
Manage SBA construction/tenant improvement projects submit until project is completed.
Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
Review clients file for compliance with: CIP, OFAC, HMDA, CRA and red flag activities.
Audit applications for HUD and IHDA compliance.

Credit counselor vs credit officer skills

Common credit counselor skills

Customer Service, 19%
Debt Management, 14%
Outbound Calls, 10%
Inbound Calls, 8%
Payment Arrangements, 4%
Credit Reviews, 4%

Common credit officer skills

Risk Management, 10%
Credit Risk, 7%
Credit Analysis, 5%
Real Estate, 4%
Credit Approval, 4%
Portfolio Management, 4%