What does a credit counselor do?
Credit counselor responsibilities
Here are examples of responsibilities from real credit counselor resumes:
- 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.
- Remain non-denominational, open, flexible and ecumenical in service to patients while also providing additional resources from local spiritual communities.
- Counsele clients on HUD certification and mortgages.
- Assure accurate completion and tracking of client files as required by HUD.
- Advise mortgagors of workout plans offer for FHA, VA and conventional loans.
- Process online applications requesting assistance from CCCS.
- Educate the community and promote CCCS through; presentations, seminars and self -creat brochures.
- Utilize FDCRA and NFCC guidelines.
- Represent MMI professionally and effectively to all constituents through participation in professional development programs and through the certification process.
- Collaborate with peers in leadership capacity at recreational summer camp leading, coordinating and organizing daily activities and weekly field trips.
Credit counselor skills and personality traits
We calculated that 19% of Credit Counselors are proficient in Customer Service, Debt Management, and Outbound Calls. They’re also known for soft skills such as Listening skills, Negotiating skills, and Speaking skills.
We break down the percentage of Credit Counselors that have these skills listed on their resume here:
- Customer Service, 19%
Provide effective customer service and support assisting clients in analyzing and improving personal finances.
- Debt Management, 14%
Collected all necessary documents regarding enrollment of clients into debt management and settlement programs in most timely and effective manner.
- Outbound Calls, 10%
Managed an appropriate number of inbound or outbound calls, by limiting talk time and stayed focused on the task.
- Inbound Calls, 8%
Received inbound calls on defaulted mortgages, directing customers to appropriate departments and determining the best resolve for the mortgage.
- Payment Arrangements, 4%
Determined customer's reason for delinquency and made payment arrangements to satisfactorily resolve delinquency and any outstanding issues.
- Credit Reviews, 4%
Work directly with both customer representatives and customers in a fast paced environment to deliver accurate and efficient credit review decisions.
Most credit counselors use their skills in "customer service," "debt management," and "outbound calls" to do their jobs. You can find more detail on essential credit counselor responsibilities here:
Listening skills. To carry out their duties, the most important skill for a credit counselor to have is listening skills. Their role and responsibilities require that "collectors must pay attention to what debtors say when trying to negotiate a repayment plan." Credit counselors often use listening skills in their day-to-day job, as shown by this real resume: "communicated with credit bureaus and creditors to set up payment arrangements for clients. "
Negotiating skills. Another essential skill to perform credit counselor duties is negotiating skills. Credit counselors responsibilities require that "the main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties." Credit counselors also use negotiating skills in their role according to a real resume snippet: "utilized skill set to assist clients in negotiating lower interest rates. "
Speaking skills. Another skill that relates to the job responsibilities of credit counselors is speaking skills. This skill is critical to many everyday credit counselor duties, as "collectors must be able to speak to debtors to explain their options and ensure that they fully understand what is being said." This example from a resume shows how this skill is used: "negotiated with credit card companies to lower interest rates, and prepared and presented comprehensive financial reports to management team. "
The three companies that hire the most credit counselors are:
- BNY Mellon5 credit counselors jobs
- Santa Fe Public Schools1 credit counselors jobs
- Universal 1 Credit Union1 credit counselors jobs
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Compare different credit counselors
Credit counselor vs. Loan officer
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.
While similarities exist, there are also some differences between credit counselors and loan officer. For instance, credit counselor responsibilities require skills such as "debt management," "payment arrangements," "credit reviews," and "budget analysis." Whereas a loan officer is skilled in "origination," "loan origination," "nmls," and "loan products." This is part of what separates the two careers.
Loan officers tend to make the most money working in the finance industry, where they earn an average salary of $42,046. In contrast, credit counselors make the biggest average salary, $44,224, in the finance industry.The education levels that loan officers earn slightly differ from credit counselors. In particular, loan officers are 1.1% less likely to graduate with a Master's Degree than a credit counselor. Additionally, they're 0.5% less likely to earn a Doctoral Degree.Credit counselor vs. Loan analyst
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
In addition to the difference in salary, there are some other key differences worth noting. For example, credit counselor responsibilities are more likely to require skills like "debt management," "outbound calls," "inbound calls," and "payment arrangements." Meanwhile, a loan analyst has duties that require skills in areas such as "loan documentation," "real estate," "excellent interpersonal," and "loan portfolio." These differences highlight just how different the day-to-day in each role looks.
On average, loan analysts earn a lower salary than credit counselors. Some industries support higher salaries in each profession. Interestingly enough, loan analysts earn the most pay in the finance industry with an average salary of $37,567. Whereas credit counselors have higher pay in the finance industry, with an average salary of $44,224.In general, loan analysts achieve similar levels of education than credit counselors. They're 0.6% more likely to obtain a Master's Degree while being 0.5% less likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for credit counselors in the next 3-5 years?
Lesley Casarez Ph.D.
Director, Quality Enhancement Plan Program Coordinator, M.S. Professional School Counseling Associate Professor, Curriculum and Instruction, Angelo State University
Credit counselor vs. Bank officer
A bank officer is in charge of overseeing the daily operations at banking establishments, ensuring efficiency and client satisfaction. Their responsibilities include gathering and analyzing requests, approving and denying loan applications, providing consultations, processing client requests, and producing progress reports. There are also instances where they sign important documents, delegate tasks, and resolve issues and concerns. Moreover, as a bank officer, it is essential to lead and encourage staff to reach goals, all while implementing the company's policies and regulations.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a credit counselor is likely to be skilled in "debt management," "outbound calls," "inbound calls," and "payment arrangements," while a typical bank officer is skilled in "real estate," "business development," "bank products," and "client relationships."
Bank officers earn the highest salary when working in the finance industry, where they receive an average salary of $69,266. Comparatively, credit counselors have the highest earning potential in the finance industry, with an average salary of $44,224.Most bank officers achieve a higher degree level compared to credit counselors. For example, they're 5.4% more likely to graduate with a Master's Degree, and 0.5% more likely to earn a Doctoral Degree.Credit counselor vs. Mortgage banker
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Types of credit counselor
Updated January 8, 2025
