What is a Credit Counselor?
Job Description: Advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explaining loan requirements or restrictions. May help develop debt management plans, advise on credit issues, or provide budget, mortgage, and bankruptcy counseling.
What Do Credit Counselors Do On a Daily Basis?
- Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
- Estimate time for debt repayment given amount of debt, interest rates, and available funds.
- Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.
- Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.
- Calculate clients' available monthly income to meet debt obligations.
- Assess clients' overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.
What Skills Do You Need to Work as a Credit Counselor?
When polled, Credit Counselors say the following skills are most frequently used in their jobs:
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Speaking: Talking to others to convey information effectively.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Service Orientation: Actively looking for ways to help people.
Related Job Titles
- Certified Credit Counselor
- Financial Aid Assistant
- Financial Aid Counselor
- Debt Management Counselor
Credit Counselor Employment Estimates
In 2016, there was an estimated number of 38,300 jobs in the United States for Credit Counselor. New jobs are being produced at a rate of 13.8% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Credit Counselor by 2026. The BLS estimates 3,800 yearly job openings in this field.
The states with the most job growth for Credit Counselor are Utah, North Dakota, and Idaho. Watch out if you plan on working in Wyoming, Vermont, or Maine. These states have the worst job growth for this type of profession.
How Much Does a Credit Counselor Make?
The average yearly salary of a Credit Counselor ranges between $30,440 and $76,690.
Credit Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.
Below is a list of the median annual salaries for Credit Counselors in different U.S. states.
|State||Annual Mean Salary|
|District of Columbia||$77,690|
Tools & Technologies Used by Credit Counselors
Although they’re not necessarily needed for all jobs, the following technologies are used by many Credit Counselors:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Email software
- Microsoft Dynamics
- Oracle PeopleSoft
- Freddie Mac Loan Prospector
- Chat software
Becoming a Credit Counselor
What education is needed to be a Credit Counselor?
How many years of work experience do I need?
Who Employs Credit Counselors?
Credit Counselors work in the following industries:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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