Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between credit representatives 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 representative and a credit officer. Additionally, a credit officer has an average salary of $129,478, which is higher than the $39,268 average annual salary of a credit representative.
The top three skills for a credit representative include customer service, customer accounts and patients. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Credit Representative | Credit Officer | |
| Yearly salary | $39,268 | $129,478 |
| Hourly rate | $18.88 | $62.25 |
| Growth rate | -8% | 17% |
| Number of jobs | 73,520 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 69% |
| Average age | 39 | 39 |
| Years of experience | 2 | 2 |
Credit representatives are professionals who analyze the credit data and the financial statements of firms or individuals for the determination of the risk in lending money or extending credit. The representatives are tasked to prepare reports with credit information used in decision making. They manage credit files and process credit reports from different credit reporting sources. They also mentor and coach credit representatives newly hired in corporate procedures and policies. Also, they expand collection procedures and policies to lessen DSO parameter risk.
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.
Credit representatives and credit officers have different pay scales, as shown below.
| Credit Representative | Credit Officer | |
| Average salary | $39,268 | $129,478 |
| Salary range | Between $28,000 And $54,000 | Between $85,000 And $196,000 |
| Highest paying City | White Plains, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Systemax | Farm Credit System |
| Best paying industry | Construction | Finance |
There are a few differences between a credit representative and a credit officer in terms of educational background:
| Credit Representative | 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 |
Here are the differences between credit representatives' and credit officers' demographics:
| Credit Representative | Credit Officer | |
| Average age | 39 | 39 |
| Gender ratio | Male, 29.5% Female, 70.5% | Male, 64.4% Female, 35.6% |
| Race ratio | Black or African American, 8.3% Unknown, 2.7% Hispanic or Latino, 10.0% Asian, 7.8% White, 71.0% American Indian and Alaska Native, 0.3% | 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 | 11% | 11% |