All About Credit Counselors
Position 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.
Credit Counselor Responsibilities
- Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
- Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
- Prioritize client debt repayment to avoid dire consequences, such as bankruptcy or foreclosure or to reduce overall costs, such as by paying high-interest or short-term loans first.
- Refer clients to social service or community resources for needs beyond those of credit or debt counseling.
- 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.
What Every Credit Counselor Should Know
Below is a list of the skills most Credit Counselors say are important on the job.
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.
Other Credit Counselor Job Titles
- Financial Aid Counselor
- Loan Representative
- Certified Personal Finance Counselor
- Collections Representative
- Credit Specialist
Is There Going to be Demand for Credit Counselors?
There were about 38,300 jobs for Credit Counselor in 2016 (in the United States). 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. Due to new job openings and attrition, there will be an average of 3,800 job openings in this field each year.
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.
Salary for a Credit Counselor
The typical yearly salary for Credit Counselors is somewhere between $30,440 and $76,690.
Credit Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.
How much do Credit Counselors make in each U.S. state?
|State||Annual Mean Salary|
|District of Columbia||$77,690|
What Tools & Technology do Credit Counselors Use?
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
How to Become a Credit Counselor
What kind of Credit Counselor requirements are there?
What work experience do I need to become a Credit Counselor?
Where do Credit Counselors Work?
The table below shows the approximate number of Credit Counselors employed by various 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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