What does a credit representative do?
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.
Credit representative responsibilities
Here are examples of responsibilities from real credit representative resumes:
- Manage portfolio utilizing AS400 and GetPaid systems.
- Manage all credit files and process credit reports from various credit reporting sources including TRW and Dunn & Bradstreet.
- Manage customer relations with internal personnel, group administrators, brokers and members as related to Medicare insurance.
- Apply customer credit card and ACH payments.
- Perform the posting of checks refunds and credit cards into the AS400 database.
- Collect invoices through wire payment, ACH payments, and overnight mail options.
- Provide direct service with customers to process loan modifications, typically under SBA regulations.
- Work on A/R and billing for a manufacturing company specializing in premium orthopedic, reconstructive and postoperative products.
- Verify medicaid waive eligibility for non-emergency transportation.
- Perform credit reviews using Experian.
- Handle customer inquires for experian websites and charges associate with credit reports/scores.
- Diagnose and resolve ATM host line error conditions.
- Monitor network and control center equipment to detect ATM errors and malfunctions.
- Maintain DSO and delinquency in accordance with company objectives utilizing GetPaid system
- Expand collection policy and procedures to minimize risk within define DSO parameters.
Credit representative skills and personality traits
We calculated that 22% of Credit Representatives are proficient in Customer Service, Customer Accounts, and Patients. They’re also known for soft skills such as Detail oriented, Integrity, and Math skills.
We break down the percentage of Credit Representatives that have these skills listed on their resume here:
- Customer Service, 22%
Communicated daily with customer service representatives, sales personnel, and business managers in order to discuss resolutions for problem accounts.
- Customer Accounts, 6%
Reviewed and analyzed customer accounts for additional services; initiated customer accounts, activated accounts for service, and modified accounts.
- Patients, 5%
Interviewed patients regarding income, residence and family status to determine eligibility for classification and entitlements.
- Credit Card Payments, 4%
Processed credit card payments, provided appropriate information for Electronic Funds Transfers and electronic invoicing.
- Credit Balances, 4%
Provided customer with account information, detailed information regarding credit balances, product pricing, and pertinent contact information.
- Payment Arrangements, 4%
Called designated customers on their delinquent balances and make appropriate payment arrangements and appropriate payment settlements.
"customer service," "customer accounts," and "patients" are among the most common skills that credit representatives use at work. You can find even more credit representative responsibilities below, including:
The three companies that hire the most credit representatives are:
- Advance Auto Parts13 credit representatives jobs
- Canon6 credit representatives jobs
- Tenet Healthcare5 credit representatives jobs
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Compare different credit representatives
Credit representative vs. Mortgage analyst
Mortgage analysts are financial professionals who are responsible for executing mortgage or loan applications by assessing financial risks and rewards. These analysts are required to analyze the financial and supporting documents on incoming applications to determine whether they are consistent with the internal and insurer policies. They must determine their borrowers' creditworthiness by evaluating property values based on appraised market prices. Mortgage analysts should also collaborate with credit bureaus and reporting agencies to investigate the credit ratings of loan applicants.
While similarities exist, there are also some differences between credit representatives and mortgage analyst. For instance, credit representative responsibilities require skills such as "customer service," "customer accounts," "patients," and "credit card payments." Whereas a mortgage analyst is skilled in "origination," "excellent organizational," "strong analytical," and "real estate." This is part of what separates the two careers.
On average, mortgage analysts reach similar levels of education than credit representatives. Mortgage analysts are 2.5% more likely to earn a Master's Degree and 0.6% more likely to graduate with a Doctoral Degree.Credit representative vs. Commercial credit analyst
A commercial credit analyst is primarily in charge of assessing a client's credit or loan application, ensuring that they are fit to uphold financial obligations. Their responsibilities typically revolve around coordinating different departments to gather necessary client data, reviewing financial histories, verifying the authenticity of requirements, and developing financial profiles. Moreover, a commercial credit analyst may perform research and analysis to identify new business opportunities, produce progress and sales reports, monitor the payment progress of clients, and maintain a record of all transactions.
In addition to the difference in salary, there are some other key differences worth noting. For example, credit representative responsibilities are more likely to require skills like "customer accounts," "patients," "credit card payments," and "credit balances." Meanwhile, a commercial credit analyst has duties that require skills in areas such as "strong analytical," "real estate," "loan portfolio," and "risk analysis." These differences highlight just how different the day-to-day in each role looks.
Commercial credit analysts earn a higher average salary than credit representatives. But commercial credit analysts earn the highest pay in the automotive industry, with an average salary of $70,023. Additionally, credit representatives earn the highest salaries in the construction with average pay of $39,878 annually.In general, commercial credit analysts achieve higher levels of education than credit representatives. They're 8.2% more likely to obtain a Master's Degree while being 0.6% less likely to earn a Doctoral Degree.Credit representative vs. Credit and collections analyst
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.
The required skills of the two careers differ considerably. For example, credit representatives are more likely to have skills like "patients," "credit balances," "inbound calls," and "credit approval." But a credit and collections analyst is more likely to have skills like "reconciliations," "phone calls," "credit reports," and "strong analytical."
Credit and collections analysts make a very good living in the finance industry with an average annual salary of $53,740. On the other hand, credit representatives are paid the highest salary in the construction industry, with average annual pay of $39,878.Most credit and collections analysts achieve a similar degree level compared to credit representatives. For example, they're 0.4% more likely to graduate with a Master's Degree, and 0.0% more likely to earn a Doctoral Degree.Credit representative vs. Collections/accounts receivable
An officer for collections/accounts receivable is in charge of a company's financial activities, ensuring that they receive payment from clients. They primarily focus on overseeing all billing and invoices, processing and verifying all receipts and rendered services, maintaining an accurate record of all transactions, producing reports and presentations, reviewing account and payment histories, and ensuring the accuracy of all processes involving the matter. Furthermore, should there be any complex issues, it is essential to reach out to a manager or a supervisor right away.
Even though a few skill sets overlap between credit representatives and collections/accounts receivables, there are some differences that are important to note. For one, a credit representative might have more use for skills like "credit balances," "as400," "credit approval," and "cash flow." Meanwhile, some responsibilities of collections/accounts receivables require skills like "provides administrative support," "data entry," "patient accounts," and "medicare. "
In general, collections/accounts receivables earn the most working in the finance industry, with an average salary of $39,163. The highest-paying industry for a credit representative is the construction industry.In general, collections/accounts receivables hold similar degree levels compared to credit representatives. Collections/accounts receivables are 1.1% less likely to earn their Master's Degree and 0.0% more likely to graduate with a Doctoral Degree.Types of credit representative
Updated January 8, 2025
