What Do Credit Counselors Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of a Credit Counselor
are Credit Counselors happy with their job

Credit Counselors

Other names for this job might include Assistant Director for Financial Literacy, Branch Credit Counselor, Certified Consumer Credit and Housing Counselor, Certified Credit Counselor, Certified Personal Finance Counselor, Consumer Credit Counselor, Counseling Program Leader, Counselor, Credit Counselor, Credit Support Counselor


  • $49310
    Salary
  • 70%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

B



Being A Credit Counselor: What You Really Do


In this job description guide, you will find out what do Credit Counselors do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Credit Counselor or not.



Job summary

Credit Counselors 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.

We asked Credit Counselors how satisfied they are with their job. Here is what they said.

Job satisfaction

70%

How meaningful is this job

47%


70% of them said they were satisfied with their job and 47% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Credit Counselors Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat. They Assess clients’ overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.

1 of the main responsibilities as A Credit Counselor is to Calculate clients’ available monthly income to meet debt obligations.

Some may also Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.

In a normal work day, another thing that Credit Counselors do is they Estimate time for debt repayment given amount of debt, interest rates, and available funds.

In addition to that, they Explain services or policies to clients, such as debt management program rules, the advantages and disadvantages of using services, or creditor concession policies..

A typical day for A Credit Counselor look like this:

Correspond with customers to answer questions or resolve complaints.
Advise others on financial matters.
Assess financial status of clients.
Compute debt repayment schedules.

We asked some Credit Counselors a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?100% said yes
Do you have to use email everyday in this job?94% said yes
How important is it to work in a team in this job?33% said very important
Do you have group discussions everyday in this job?76% said yes
Do you have to meet strict deadlines everyday in this job?24% said yes
Do you talk or work with customers everyday in this job?70% said yes
Do you have to deal with angry customers everyday in this job?21% said yes
Do you have to make decisions everyday in this job?55% said yes



Other responsibilities

Besides the “typical day” things that Credit Counselors do, they Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans. They might also Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.

On a weekly to monthly basis, Credit Counselors Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments. and Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.

In addition, they Disburse funds from client accounts to creditors.

Although specific duties may vary, many of them Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.

To some Credit Counselors, it is also their responsibility to Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.

A typical week or month for them might include:

Negotiate agreements to resolve disputes.
Assess financial status of clients.
Develop financial plans for clients.
Develop financial plans for clients.
Disburse funds from clients accounts to creditors.



Working life

Working hours

40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as A Credit Counselor, you can expect to work 40 hours per week.

Do Credit Counselors work in an office-style work environment?

Everyday
87.88%

Once a week
3.03%

Once a month
0%

Once a year
0%

Never
9.09%

Do Credit Counselors work in a warehouse-style work environment?

Everyday
0%

Once a week
0%

Once a month
0%

Once a year
15.15%

Never
84.85%

Do Credit Counselors work outdoors?

Everyday
0%

Once a week
0%

Once a month
0%

Once a year
12.12%

Never
87.88%



Is this right for me

Best personality for this career

The Helpers and The Persuaders


You can read more about these career personality types here.

You will like this career if you are someone who likes working with, communicating with, and teaching people. They like helping or providing service to others.

You also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



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Related to Credit Counselors Job Description

Credit Counselors job description, what do Credit Counselors do, typical day for Credit Counselors, what is it like to work as a Credit Counselor, how many hours do Credit Counselors work, day to day work of a Credit Counselor

Additional resources

http://www.bls.gov/oes/current/oes132071.htm

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Credit Counselors
Written by: Stanley Tan
Credit Counselors 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.
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