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The differences between credit officers 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 officer, becoming a loan officer takes usually requires 4-6 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a credit officer include risk management, credit risk and credit analysis. The most important skills for a loan officer are customer service, origination, and loan origination.
| Credit Officer | Loan Officer | |
| Yearly salary | $129,478 | $45,817 |
| Hourly rate | $62.25 | $22.03 |
| Growth rate | 17% | 4% |
| Number of jobs | 60,323 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 61% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
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.
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 officers and loan officers have different pay scales, as shown below.
| Credit Officer | Loan Officer | |
| Average salary | $129,478 | $45,817 |
| Salary range | Between $85,000 And $196,000 | 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 | Farm Credit System | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a credit officer and a loan officer in terms of educational background:
| Credit Officer | Loan Officer | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit officers' and loan officers' demographics:
| Credit Officer | Loan Officer | |
| Average age | 39 | 45 |
| Gender ratio | Male, 64.4% Female, 35.6% | Male, 55.3% Female, 44.7% |
| Race ratio | 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% | 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% |