A finance credit manager is responsible for overseeing the credit granting process for an organization.
It is their work to optimize the company’s sales and reduce losses by ensuring that the credit policy is properly followed.
A list of job duties particular to this position is provided here:
Finance Credit Manager Duties and Responsibilities
• Create and review lists of potential and existing clients
• Evaluate clients’ creditworthiness
• Check credit and loan forms and determine if they are accurate and complete
• Negotiate loan terms with clients, and provide them with term limitations
• Calculate interest rates for specific loan applications
• Determine and update credit policies and procedures
• Recommend sales agreements, leases, and rental purchase plans
• Review credit and financing requests, and process information
• Perform credit investigations and approve or reject credit applications
• Review the status of dormant and delinquent accounts
• Recommend accounts for external collection agencies
• Negotiate settlements on bankrupt or defaulted accounts
• Review accounts that may be charged off, and prepare correlating reports
• Monitor payments coming into the credit system
• Create and maintain records of credit and loan applications
• Follow up with clients in order to provide them with reminders on past due payments\
• Write letters and warnings to communicate account statuses to clients
• Ensure that all followed lending and credit procedures are in compliance with company and state regulations
• Develop, review, and update the company’s credit and finance policies on a regular basis
• Manage effective relationships with collection agencies and credit insurance providers
• Interview, hire, and train staff members to perform credit provision, and follow-up work
• Initiate process improvement tasks in order to simplify and improve productivity
• Resolve credit and finance issues with clients, by providing them with information and clarity
• Guide and mentor credit teams to work towards the company’s goals
To work as a financial credit manager, you have to possess a degree in finance or accounting.
Previous experience in a credit management capacity is usually required when applying for this position.
Basically, a finance credit manager evaluates the creditworthiness of clients and creates credit scoring models.
Experience in credit analysis, proficiency with accounting software, and a high level of analytic abilities are required to work effectively in this role.
Skills and Abilities
As a finance credit manager, your work will involve researching clients’ ability to pay back the credit, and approving or rejecting loan requests.
The work is complicated which is why someone with great evaluation and assessment abilities is required to perform it.