Purchasing a house or car in full can be difficult or impossible for many, so many individuals rely on credit given to them by credit administrators. Other individuals need extra financing in order to buy a house or want to simply use credit in order to purchase everyday items. Credit administrators make sure that both the creditor and debtor are happy with the relationship.

Function

Credit administrators are responsible for helping creditors acquire loans and manage credit portfolios. Some credit administrators develop bank policies while managing credit risk. These policies limit bad debts, keep departments in the credit agency coordinated and simplify decision making. Others perform more clerical tasks, organizing information in order to make sure that the loan company functions efficiently. The credit administrator must be up to date on all regulatory laws. She must be aware of the economy and industry trends in order to know whether or not a particular loan will be beneficial for the loan company. She must report loans to upper management. When loans become delinquent or problematic, she must devise appropriate action.

Conditions

Credit administrators spend most of their time in the office, which is usually a clean and comfortable environment. However, credit administrators sometimes have to travel in order to coordinate complicated loans. These administrators usually work the standard 40-hour work week. Consistent credit policies relieve some of the stress of determining whether or not to make a loan to a client.

Skills

Credit administrators need a bachelor’s degree in finance, economics, business or accounting, since credit administrators must be able to work well with money. Credit administrators need good interpersonal relationship skills, since they often need to interact with others. Effective credit administrators are usually good at math and are very detail oriented. They also usually need to pass a background check.

Outlook

The need for credit administrators is expected to grow by 10 percent between 2008 and 2018, according to the Bureau of Labor Statistics. This growth will be driven by a growth in both population and the economy. However, automation and the Internet are expected to reduce some of the need for credit administrators as much of the communication between the credit administration and the debtor can be handled online.

Earnings

In 2008, the median earnings for loan officers were $54,700, according to the Bureau of Labor Statistics. The highest earning loan officers earned more than $106,360, while the lowest earning loan officers earned less than $30,850. Those working for the Federal Executive Branch earned the most, while those who worked for the depository credit intermediary earned the least.