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Credit Counselor

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What is a Credit Counselor?

Position Description Advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explaining loan requirements or restrictions. May help develop debt management plans, advise on credit issues, or provide budget, mortgage, and bankruptcy counseling.

List of Credit Counselor Job Duties

  • Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.
  • Recommend strategies for clients to meet their financial goals, such as borrowing money through loans or loan programs, declaring bankruptcy, making budget adjustments, or enrolling in debt management plans.
  • Calculate clients' available monthly income to meet debt obligations.
  • Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
  • Prepare written documents to establish contracts with or communicate financial recommendations to clients.
  • Refer clients to social service or community resources for needs beyond those of credit or debt counseling.

What a Credit Counselor Should Know

These are the skills Credit Counselors say are the most useful in their careers:

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

Speaking: Talking to others to convey information effectively.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Service Orientation: Actively looking for ways to help people.

  • Financial Wellness Coach
  • Debt Counselor
  • Loan Representative
  • Mortgage Counselor
  • Retention Specialist

Credit Counselor Employment Estimates

There were about 38,300 jobs for Credit Counselor in 2016 (in the United States). New jobs are being produced at a rate of 13.8% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Credit Counselor by 2026. There will be an estimated 3,800 positions for Credit Counselor per year.

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The states with the most job growth for Credit Counselor are Utah, North Dakota, and Idaho. Watch out if you plan on working in Wyoming, Vermont, or Maine. These states have the worst job growth for this type of profession.

How Much Does a Credit Counselor Make?

The average yearly salary of a Credit Counselor ranges between $30,440 and $76,690.

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Credit Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.

How much do Credit Counselors make in each U.S. state?

State Annual Mean Salary
Alabama $48,260
Arizona $45,880
Arkansas $49,770
California $53,170
Connecticut $57,500
Delaware $52,360
District of Columbia $77,690
Florida $45,530
Georgia $51,720
Hawaii $47,810
Idaho $42,490
Illinois $47,290
Indiana $45,030
Iowa $43,690
Kansas $47,910
Kentucky $44,590
Louisiana $36,840
Maine $40,880
Maryland $47,330
Massachusetts $57,600
Michigan $48,340
Minnesota $51,190
Mississippi $42,660
Missouri $53,250
Montana $44,540
Nevada $56,510
New Hampshire $45,850
New Jersey $68,360
New Mexico $37,870
New York $60,520
North Carolina $54,400
North Dakota $43,330
Ohio $51,200
Oklahoma $42,290
Oregon $48,090
Pennsylvania $55,770
Rhode Island $59,760
South Carolina $45,320
South Dakota $38,900
Tennessee $48,560
Texas $46,160
Utah $38,070
Virginia $50,860
Washington $48,230
West Virginia $38,910
Wisconsin $39,860
Wyoming $50,960

What Tools & Technology do Credit Counselors Use?

Below is a list of the types of tools and technologies that Credit Counselors may use on a daily basis:

  • Microsoft Excel
  • Microsoft Word
  • Microsoft Office
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Web browser software
  • Microsoft Access
  • Email software
  • SAP
  • Microsoft Dynamics
  • Oracle PeopleSoft
  • LexisNexis
  • Freddie Mac Loan Prospector
  • Chat software

How to Become a Credit Counselor

Education needed to be a Credit Counselor:

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What work experience do I need to become a Credit Counselor?

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Who Employs Credit Counselors?

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The table below shows some of the most common industries where those employed in this career field work.

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References:

Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic

More about our data sources and methodologies.

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