In these days of credit cards, finance cards and bank overdrafts it is inevitable that people seek credit and it is equally inevitable that some of them will have difficulty meeting their financial obligations. As a credit controller your role will not only be to recover payments owed but also to assess credit-worthiness so that the debt problem does not arise in the first place.

The job

Credit controllers work in either consumer credit (loans to individuals) or commercial credit (loans to businesses). Irrespective of which you choose to work in, the job is basically the same.

In the first instance, it will be your role to check a client’s credit rating and then to decide whether or not to extend credit. You will then need to establish the terms and conditions.

The other major part of your role occurs if clients default on payment. You will need to contact the client to establish the reasons for non-payment and then either recover the funds or re-negotiate the payment schedule.

In some cases it may be necessary to suspend the supply of goods or services to defaulters. You may even have to initiate legal proceedings in more extreme instances. Debt recovery is a particularly unpleasant aspect of the job but, regrettably, is unavoidable.

Qualifications

If you want to become a credit controller you do not have to worry too much about qualifications. Many employers, however, prefer job applicants to have at least five GCSEs at grade C or above; an HND or BTEC in a business or finance-related subject will give you a greater advantage.

Employers also look for candidates with good people skills and the ability to communicate effectively. They prefer those who are able to work under pressure and to meet deadlines. You will also need to be a team player and yet be comfortable working alone.

After entering the profession, if you want to progress it would be wise to study for extra qualifications. The Institute of Credit Managementruns diploma courses, both part-time and by distance learning.

Pay and conditions

If you are starting out on your career as a credit controller, you can expect to be paid in the region of £16,000 to £25,000. With experience and promotion you could eventually become a credit control manager earning £50,000 or more. The job is primarily office-based and hours are usually standard office hours.

There is plenty of scope for advancement. You can rise from the entry position through supervisor and team leader to managerial level. At the highest level you could even become a credit consultant.

Work as a credit controller can be very demanding. It can be difficult to reject an application for credit and it can be emotionally draining to have to deal with those who are unable to meet their financial obligations. If you have an interest in finance and the right combination of compassion and resolve, then the role of credit controller could be just the job you are looking for.