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Credit Counselor

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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.

Forecasted Number of Jobs for Credit Counselors in U.S.

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.

Salary Ranges for Credit Counselors

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
Alabama $48,260
Arizona $45,880
Arkansas $49,770
California $53,170
Connecticut $57,500
Delaware $52,360
District of Columbia $77,690
Florida $45,530
Georgia $51,720
Hawaii $47,810
Idaho $42,490
Illinois $47,290
Indiana $45,030
Iowa $43,690
Kansas $47,910
Kentucky $44,590
Louisiana $36,840
Maine $40,880
Maryland $47,330
Massachusetts $57,600
Michigan $48,340
Minnesota $51,190
Mississippi $42,660
Missouri $53,250
Montana $44,540
Nevada $56,510
New Hampshire $45,850
New Jersey $68,360
New Mexico $37,870
New York $60,520
North Carolina $54,400
North Dakota $43,330
Ohio $51,200
Oklahoma $42,290
Oregon $48,090
Pennsylvania $55,770
Rhode Island $59,760
South Carolina $45,320
South Dakota $38,900
Tennessee $48,560
Texas $46,160
Utah $38,070
Virginia $50,860
Washington $48,230
West Virginia $38,910
Wisconsin $39,860
Wyoming $50,960

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
  • SAP
  • Microsoft Dynamics
  • Oracle PeopleSoft
  • LexisNexis
  • Freddie Mac Loan Prospector
  • Chat software

How to Become a Credit Counselor

What kind of Credit Counselor requirements are there?

Credit Counselor Degree Level

What work experience do I need to become a Credit Counselor?

Credit Counselor Work Experience

Where do Credit Counselors Work?

Credit Counselor Sectors

The table below shows the approximate number of Credit Counselors employed by various industries.

Credit Counselor Industries

References:

Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic

More about our data sources and methodologies.

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