Director of Credit
Oversee a team of credit analysis staff and direct bank-wide lending.
In order to determine whether a customer is capable of repaying a loan, banks and other lenders use the customer’s financial history as a measure. After all, lending money is risky business—profitable, yes, but risky nonetheless. In an effort to reduce that risk, banks and loan companies hire a Credit Investigator, to perform credit checks on each loan applicant.
If you’re a Credit Investigator, you might work for a company that offers credit through retailers. For example, anyone who’s ever bought a mattress or a flat-screen television, or undergone an expensive dental procedure, has probably been offered financing terms. When a customer fills out an application, that application is sent to a Credit Investigator. With financial and personal information at hand, you use online databases to delve into the applicant’s past.
You could also be employed in the banking industry, where you dig up payment history and current credit balances. This information is used by Loan Officers and Loan Underwriters when deciding whether to approve a loan. You might also evaluate the credit-worthiness of existing customers during a buyout or merger.
In addition to bank loans and retail credit, you might also work with a large company, running financial background checks on potential employees. This is particularly important in industries where the employee has direct access to money and/or investments.
Wherever you use your sleuthing skills, discretion is key. You respect the privacy of your customers while providing accurate, timely, and confidential information.