Banking credit analysts research and review consumer credit information through various sources to analyze the creditworthiness of applicants for their institution's services. They must also interview references, review relevant financial data of the applicants, and determine an appropriate line of credit (if one is determined to be appropriate). Banking credit analysts typically work daily with the sales department, lessees of vehicles and property, and property dealers and brokers to ensure the correct processing of credit applications. Their work with dealers also assists the sales department by proxy, as relationship-building skills are used by all three parties to create strong professional ties.
Most companies require banking credit analysts to have a bachelor’s degree in finance, accounting, or a related field. While most positions do not require any specific experience, a background in a financial or banking field may be preferred. The position requires excellent oral and written communication skills, a focus on customer service, and proficiency with basic computer programs such as the Microsoft Office suite. The ability to work under pressure and make sound judgments are also critical to banking credit analysts' performance.
Banking credit analysts generally work full time during regular business hours. However, alternative and/or additional hours may be required depending on the employer's needs. These analysts usually work in an office setting with minimal physical requirements or hazards.
Credit Analyst, Banking Tasks
- Assess credit risk.
- Aggregate and evaluate data related to credit and credit risk to support organizational decision-making.
- Ensure that approved accounts remain in good standing.
- Establish terms for approved credit requests.