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.

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Average Years of Experience

0 - 1
2 - 4
5 - 7

Common Skill Sets

Excellent Customer Service
Written Communication
Attention To Detail

Credit Manager Seniority Levels

Financial Analyst
20% made the transition
Finance Manager
39% made the transition
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Credit Manager Salaries

Average Base Pay

$59,739 /yr
Same as national average
Not including cash compensation
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Median: $60K
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Glassdoor Estimated Salary

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