What does a Credit Manager do?
Credit managers oversee a company’s credit-granting process. They optimize company sales and reduce bad loans by maintaining a strict credit policy. They do this by assessing potential customers’ creditworthiness and conducting periodic reviews of their existing customers. Credit managers evaluate potential customers’ creditworthiness through credit scoring models that help with risk assessment. They approve and reject loans through the available data and calculate and set loan interest rates.
Credit managers review and update the company's credit policy and monitor loan payments and bad debts. They calculate and set loan interest rates, negotiate the terms of a loan with new clients, and ensure all loans and lending procedures comply with policy and regulation. They also maintain records of all company loans. Credit managers need a bachelor's degree in accounting, business administration, finance, or related fields and proven work experience as a credit manager.
- Build and maintain effective working relationships with colleagues, peers, and team members.
- Initial preparation of the Manager's letter for such funds.
- Client interaction, including calls, emails, meetings and sales interaction.
- Responsible for consistent application of policy and underwriting principles for all loan requests.
- Ensure that loans adhere to general loan policy and to regulatory guidelines.
- Compile, enter, and monitor information pursuant to direct reporting process.
- Identify, evaluate and invest directly into the credit of operating companies.
- Monthly review of bad debts and assistance with bad debt provision analysis.
- Participate in committees or workstreams as needed to represent the credit function.
- Analysis of guarantors as needed to support credit underwriting.
- Type correspondence and report to appropriate managers.
- Complete analysis in adherence with established credit review procedures and regulatory guidelines.
- Assist in the legal negotiation and closing process for new investments.
- Ongoing portfolio monitoring and servicing activities in conjunction with shared services support.
- Support the delivery of internal and external audit requirements.
- General support of the portfolio management and financing capital markets functions of BXC.
- Identify product or programmatic opportunities to meet the needs of IFF target market customers and communities.
- Monitor balances due for each customer within an assigned portfolio.
- Experience leading cross-functional teams to cohesively manage business operations and deliver value.
- Bachelor's or Graduate's Degree in accounting, business, or computer science.
- Experience with SQL, AS/400, and R Language software and systems.
- Experience with billing systems and enterprise resource planning.
- Sound time management, leadership, and attention to detail.
- A critical thinker, negotiator and problem solver.
- Demonstrated continuous improvement on the job.
- A collaborator with sound decision making skills.
- Fluency in billing systems and general ledger.
Credit Manager Salaries
Average Base Pay
Credit Manager Career Path
Learn how to become a Credit Manager, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Credit Manager Insights
“Lengthy and detailed training which helped to gain confidence and understanding at the start of the job”
“I have been here for many years and I cannot say enough great things about working for The Finchley Group.”
“I have not found any cons to this point great people to work for and with.”
“As we continue to grow it promotes opportunities to learn things outside of your normal day to day.”
“I love the cafeteria lunches by chef Robert and the walking track is an awesome benefit to get my daily exercise.”
“work life balance good and better”
“Really good place to work and people are nice.”
“This is not a very nice place to work and I would not recommend it to anyone.”
Credit Manager Interviews
Frequently asked questions about the role and responsibilities of a Credit Manager
- Financial Analyst
- Finance Manager
- Credit Analyst