The term “credit specialist” can refer to two different types of jobs. The first is a worker who ensures that a company’s credit standards are followed, and the second is someone who helps people repair their credit records. In the first scenario, a credit specialist becomes familiar with a company’s process for approving credit extensions and managing credit lines, and then works with clients to ensure that they are given a fair chance at credit while also protecting the employer’s interests. In the second scenario, this professional might work alone or as part of a credit repair clinic to help people with bad credit or who have been victims of identity theft remove negative information from their credit reports and reestablish creditworthiness.
Credit specialists’ responsibilities may include evaluating and verifying information provided by credited applications, approving or rejecting credit requests, and establishing credit terms and limits. For example, a credit specialist may be required to investigate a potential client’s credit worthiness by contacting the client’s bank and other creditors in order to determine financial stability. This person may also review clients’ accounts on a regular basis to see if they are eligible for credit line increases or if their credit terms should be limited. A credit specialist may be asked to work with a client who is having trouble meeting the terms of his credit agreement in some cases. A credit specialist may be able to reduce or eliminate fees, change interest rates, or even approve settlements for less than the full amount owed when working with clients who are unable to pay their bills.
Credit repair specialists examine their clients’ credit reports and offer advice on how to improve them. This process may include challenging information on the report and requiring both creditors and the credit bureaus that issue the reports to verify the information they contain, depending on the jurisdiction in which the client lives. In some jurisdictions, such as the United States, credit bureaus and creditors are required by law to remove negative credit information if it cannot be documented and verified. A credit specialist can also help his client improve his financial health by teaching him how to develop responsible spending habits and how to apply for and use credit wisely.