Commercial and consumer credit control jobs require you to take a look at the credits of corporations and people. It is often difficult for many people to manage money well, and if you find that you are one of the few who are able to manage your money well, then you could be the type of person suitable to a career as a credit controller.
What the Job Involves
As a credit controller, you will be looking at whether you should loan money to creditors, as well as working out ways to manage debt among existing creditors. There are two career paths in this field, and that is the commercial credit business and the consumer credit business. The job is important, as the majority of organizations are in need of credit control. This requires professionals to check the credit rating of customers, figure out whether to offer the person or business credit, setting up the various conditions and terms of the loan, ensuring that the customers are paying for their loans on time, handling queries about the payments, and negotiating the repayment plans. You also need to review the debt recovery process in order to end the supply of the services and goods, and you might even have to begin legal action against those who aren’t repaying.
The Type of Setting in Which You Will Operate
The job is typically an office-based position that is a common 9-5 routine, Monday to Friday. Overtime during the busiest periods is sometimes necessary. This usually happens at the end of the year. There are often also meetings organized with clients and you may occasionally be required to attend court if there is a legal action against one of the clients. There is ample opportunity to move up in this role. The entry level position is typically a credit control clerk, but you could be promoted to a supervisory role. You are also able to move into positions in different sectors. Eventually, you may have the opportunity to become a consultant, and that would allow you to teach what you have learned in the business to others.
Money Is Often a Deciding Factor in Taking the Job
When you start out as a credit controller, you will earn between £16k and £25k per year, but this amount is not the top level. In fact, you could earn as much as £50k per year. This would typically be in the position of a credit control manager, which is among the top-level jobs in the field.
This job does not necessarily require you to have a university education. However, many who are hiring will require you to have a minimum of five GCSEs, grades A-C. Furthermore, you increase your chances of landing a job if you have an HND or BTEC in finance or business. Additionally, an ICM Diploma in the field of Credit Management will help you to find a position. ICM Diplomas are available in Levels 2, 3, or 5.