Credit Analyst Job Description Template
A Credit Analyst is responsible for assessing the creditworthiness of potential borrowers and making recommendations to lending institutions accordingly. They must have a strong understanding of financial statements and ratios in order to make accurate assessments. Additionally, Credit Analysts must be able to effectively communicate their findings and recommendations in both written and verbal formats.
Credit Analyst Job Responsibilities
- Conducting analysis of credit data and financial statements to determine the degree of risk involved in extending credit to businesses and individuals
- Recommending credit limits and terms based on findings from financial analysis
- Monitoring changes in credit risk factors for existing clients and updating recommendations as needed
- Reviewing account activity and identifying potential problem areas or opportunities for improvement
- Working with sales staff and clients to resolve issues related to credit decisions
- Preparing reports detailing credit analysis findings for internal use or for submission to clients
Objectives
- To analyze and assess creditworthiness of individuals and organizations in order to minimize risk and maximize profitability for the company.
- To determine appropriate credit limits and terms based on financial analysis of customer data.
- To monitor trends in customer creditworthiness and make recommendations to management accordingly.
- To develop and maintain strong relationships with customers in order to promote repeat business.
- To keep abreast of changes in the marketplace and regulatory environment that may impact credit decisions or risk profile of customers.
Credit Analyst Job Skills & Qualifications Needed
- A bachelor’s degree in business, accounting, finance, or a related field is typically required for this role.
- Strong analytical and critical thinking skills are necessary to be successful in this role.
- Credit analysts must have excellent communication skills to effectively relay information to clients and colleagues.
- Interpersonal skills are also important in order to build relationships with clients and customers.
- Organizational skills are necessary to keep track of multiple projects and deadlines simultaneously.
- Computer skills are also needed, as credit analysts often use software programs to analyze financial data.