Credit Analysts
Overview
Credit Analysts help banks and financial companies decide whether to lend money to people or businesses by studying their financial information and payment history. They use specialized computer software to analyze financial statements, calculate risk levels, and create detailed reports that guide lending decisions. This job involves meeting with clients, collaborating with other financial professionals, and using strong analytical and communication skills. Most credit analysts have a bachelor's degree in finance, economics, or business and work in both traditional offices and remote environments.
Did you know?
Credit Analysts must stay current with federal banking regulations and fair lending laws that govern credit decisions in the United States.
At a Glance
Median Wage
$78,826.86 Avg/yr
Growth
Stable
Top Skill
Troubleshooting
Key Responsibilities
- Evaluate customer records and recommend payment plans, based on earnings, savings data, payment history, and purchase activity.
- Generate financial ratios, using computer programs, to evaluate customers' financial status.
- Review individual or commercial customer files to identify and select delinquent accounts for collection.
- Consult with customers to resolve complaints and verify financial and credit transactions.
- Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
- Confer with credit association and other business representatives to exchange credit information.
- Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
- Contact customers to collect payments on delinquent accounts.
Career Considerations
Regulatory Compliance Knowledge
Credit Analysts must stay current with federal banking regulations and fair lending laws that govern credit decisions in the United States.
Technology and Data Analytics Proficiency
Modern credit analysis requires expertise in automated underwriting systems, financial modeling software, and data analytics tools widely used in American financial institutions.
Professional Certification Requirements
Many employers prefer candidates with relevant certifications such as CFA, FRM, or specialized credit analysis credentials to advance in competitive American financial markets.