Who is Credit Counselor?
A customer visits a credit counsellor and discloses details about their income, spending, and debts. A credit counsellor assesses a client's financial condition and assists in developing a strategy to minimise debts and create assets. Credit counsellors must first grasp their customers' total financial status before they can assist them. This involves assessing their monthly income, the worth of their assets, the quantity of their debt, the identity of their creditors, the interest rates applied to their loans, and so on. Credit counsellors frequently interact and negotiate on their clients' behalf with creditors (and other relevant parties such as banks).
Typical day at work
What does Credit Counselor do?
Credit counsellors provide advice and education to people and organisations on acquiring and managing debt. May offer advice on the right sort of loan and explain loan criteria or constraints. They assist in developing debt management strategies, giving credit advice, and offering budget, mortgage, and bankruptcy counselling.
They evaluate a client's total financial condition by evaluating income, assets, obligations, spending, credit reports, and other financial documents. They also examine customers' financial situations and develop debt management programmes, spending plans, or budgets to help them accomplish their financial objectives.
- A credit counsellor provides financial counselling to individuals in debt. Discuss with the client about available monthly income after living expenses to meet credit obligations.
- Calculate the number of funds available to plan a payoff method and estimate the time for debt liquidation.
- Contact creditors to explain the client's financial situation and arrange for payment adjustment so that payments are feasible for the client and agreeable to creditors.
- Establishes payment priorities to reduce clients' overall costs by first liquidating high interest, short-term loans or contracts.
- Opens account to creditors as agent for the client.
- Keeps records of account activity.
- Be a budget consultant to an individual or family on financial problems such as excessive spending and borrowing of funds.
Abilities & aptitude needed
What are the skills, abilities & aptitude needed to become Credit Counselor?
- A Credit Counselor should have good communication skills in order to negotiate effectively with clients and creditors.
- They should have good knowledge about computers and accounting software and be good in mathematics.
- Able to listen to people's problems without judging them
- Enjoy gathering information and working with numbers
- Respect for private information; ability to maintain client confidentialities
- Knowledge of debt reduction methods, such as repayment plans and bankruptcy
- Knowledge of collection practices and policies
Which course I can pursue?
Which are the best colleges to attend to become Credit Counselor?
Loyola College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 6
St. Xavier`s College, Kolkata
Kolkata, West Bengal | UGCNIRF Rank : 10
Madras Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 13
PSGR Krishnammal College for Women, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 22
Women`s Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 32
Alliance University, Bengaluru
Bengaluru | UCCNIRF Rank : 42
Sri Padmavati Mahila Visvavidyalayam, Tirupathi
Tirupati, Andhra Pradesh | UGCNIRF Rank : 46
VELS Institute of Science Technology and Advanced Studies, Chennai
Chennai, Tamil Nadu | ?UGC NAACNIRF Rank : 52
Sri Krishna Arts and Science College, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 53
Koneru Lakshmaiah Education Foundation University(K L College of Engineering), Vaddeswaram
Guntur, Andhra Pradesh | University Grants Commission, All India Council for Technical EducationNIRF Rank : 58
Stella Maris College for Women, Chennai
Chennai | University of MadrasNIRF Rank : 58
NSHM Knowledge Campus, Kolkata
Kolkata, West Bengal | Maulana Abul Kalam Azad University of Technology, KolkataNIRF Rank : 68
SRM Institute of Science and Technology, Chennai
Kattankulathur, Tamil Nadu | SRM University, ChennaiNIRF Rank : 73
St. Francis College for Women, Hyderabad
Hyderabad, Telangana | Osmania University, HyderabadNIRF Rank : 95
Dr Vishwanath Karad MIT World Peace University, Pune
Pune, Maharashtra | UGCNIRF Rank : 154
Which industries are open for Credit Counselor?
- Non-profit organization
- Credit counseling company
- Government organizations
Ready to become Credit Counselor?
Take the world’s best assessment test !Take a free demo
Are there internships available for Credit Counselor?
Take advantage of the chance to work under a professional who will provide you with experience. In addition, it will provide you with hands-on experience in the area and contacts for future reference.
What does the future look like for Credit Counselor?
A job as a credit counsellor may necessitate evening and weekend schedules. Some counsellors advance to the position of credit manager, supervising other employees. Others go on to become directors of consumer credit counselling organisations. The job outlook for consumer credit counsellors is excellent until 2014. More individuals utilise credit to purchase the products and services they desire or require. They frequently want assistance and advice with credit issues. Businesses are increasingly relying on computerised data processing tools to assist them in making credit judgments. However, robots cannot replace personal touch in therapy.
Explore related career
Finance And Accounts | 12th | CAT/MAT/XAT/CMAT for Master’sSalary : Rs 1,00,000 - Rs 10,00,000 per annum
Entertainment & Media | 12th | National School of Drama entranceSalary : Rs 1,00,000 - Rs 10,00,000 per annum
Finance And Accounts | 12th + Graduation in Maths/Actuarial | CAT/ GMAT/ACET Finance And Accounts | 12th + Graduation in Maths/Actuarial | CAT/ GMAT/ACETSalary : Rs 1,00,000 - Rs 10,00,000 per annum
Medicine & Allied Healthcare | 12thSalary : Rs 1,00,000 - Rs 10,00,000 per annum