Credit clerks or authorizers review credit history and obtain the information needed to determine the creditworthiness of loan and credit card applicants. Credit clerks contact applicants, credit bureaus, and other sources for information, and verify the completeness of loan documents. Credit authorizers refer to credit records and reports to decide whether to approve a customer's credit card purchase.
Clerks in credit bureaus secure, update, and verify information for credit reports. These workers are often called credit investigators or reporters. Clerks in banks and other financial institutions process loan and credit applications. Some clerks verify employment and financial information of credit card applicants. Loan processing clerks prepare loan applications for underwriters. They review loan applications, contact credit bureaus and reporting agencies for applicant records, and contact employers, banks, and references to verify personal and financial information. Clerks order appraisals from appraisal companies and secure tax forms, bank statements, and any required government forms from applicants. They calculate debt-to-income ratios to see that applicants meet the minimum guidelines for a loan. If any information in the loan package is inaccurate or incomplete, clerks contact the proper source for further information.
Closing clerks obtain and prepare documents needed for real estate settlements. The closing clerks check to see that all documents are complete, accurate and correctly signed including deeds of trust, hazard insurance papers, and title commitments- and that all loan conditions required for settlement have been met.
Credit authorizers approve charges against customers' existing accounts. Most charges are approved automatically by computer. However, when accounts are past due, overextended, invalid, or show a change of address, sales persons refer transactions to credit authorizers located in a central office. Authorizers evaluate the customers' computerized credit records and payment histories and quickly decide whether or not to approve new charges. Authorizers may enter address changes and credit extensions into computer credit files.
Working Conditions
Credit clerks and authorizers usually work a 35- to 40-hour week. However, during particularly busy periods, they may work overtime. For credit clerks handling residential real estate, the busy periods are spring and summer and at the end of the month. For credit authorizers, busy periods are during the holiday shopping seasons and on store sale days. In fact, temporary workers are often hired as credit authorizers during peak workloads. In retail establishments, authorizers may work nights and weekends during store hours.
Credit authorizers and some credit clerks sit for long periods in front of video display terminals, which may cause eyestrain and headaches.
Employment
About 8 out of 10 were employed by commercial banks and other depository institutions, and mortgage banks and other non depository institutions. Other credit clerks and authorizers were employed by insurance and real estate firms, credit reporting and collection agencies, and wholesale and retail trade establishments.
Training, Other Qualifications, and Advancement
No specific training is needed for entry-level positions in credit clerking and authorizing, with the exception of loan closing and loan interviewing. Closers and interviewers are often required to have previous work experience, preferably in financial institutions, and some knowledge of underwriting.
New employees are generally trained on the job, working under the close supervision of more experienced workers although some firms offer formal training. Some credit workers also take courses in credit offered by banking and credit associations, public and private vocational schools, and colleges and universities. As workers demonstrate competence, they can advance to team leader of a small group of clerks, loan or credit department supervisor, underwriter or loan officer. For management positions, employers prefer applicants with a bachelor degree in business or a related field, or at least some college level business or management courses.
Because positions in these fields involve much telephone contact, good communication skills are a necessity. Good organizational skills and the ability to pay attention to detail are important. Many credit checkers use computers to enter and retrieve data, so some computer skills and good typing speed are required.
Job Outlook
Little change is expected in the employment of credit clerks and authorizers. Projected employment reflects a slowdown in loan activity. The interpersonal nature of loan clerking and the judgment required of authorizers ensure that computers will not significantly affect employment. In addition to jobs created by growth, many jobs will become available as credit clerks and authorizers leave the occupation for various reasons.
Job outlook in this occupation is affected by changes in the economy. During periods when credit or loans are restricted, the number of job openings for credit clerks and authorizers may b limited.
Earnings
According to a 1994 survey of mortgage banking companies conducted by Carl D. Jacobs & Associates, the average salary for loan processors was $22,500, and the average salary for loan closers was $23,500.
Full-time workers generally receive health insurance, vacation and sick leave, and other standard benefits; part-timers may not. In addition, workers in retail establishments usually receive a discount on store purchases.
Related Occupations
Occupations with duties similar to those of credit clerk and authorizers include claim examiners and adjusters, customer complaint clerks, procurement clerks, probate clerks, and collection clerks.
Related D.O.T. Jobs
These job titles are related to or more specific than the general description given above. They will help you identify job options you may not otherwise discover. These descriptions are in the current edition of the Dictionary of Occupational Titles and classified by numerical order.
205.367-022 CREDIT CLERK; 209.362-018 CREDIT REFERENCI CLERK; 219.362-038 MORTGAGE-CLOSING CLERK; 219.367-046 DISBURSEMENT CLERK; 237.367-014 CALL-OUT OPERATOR; 241.367-011 LOAN INTERVIEWER, MORTGAGE; 241.367-026 SKIP TRACER 241.367-030 THROW-OUT CLERK; 249.362-014 MORTGAGE CLERK 149.362-018 MORTGAGE LOAN CLOSER; 249.362-022 MORTGAGE -LOAN PROCESSOR; 249.367-022 CREDIT AUTHORIZER
Sources of Additional Information
Information about local job opportunities for credit clerks and authorizers may be obtained from banking institutions, retail stores, and credit reporting agencies.
