Credit Counselors

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Also known as:  Credit Counselor, Debt Management Counselor, Financial Assistance Advisor, Loan Counselor

ABOUT CREDIT COUNSELOR CAREERS

VIDEO TRANSCRIPT Expand
Most people dream of buying a house, a car, or going to college. But these things, and so many others, cost more money than most people have. That's where loan counselors come in. They help people find the best ways to borrow the money they need.

A loan counselor meets with a person applying ...
for a loan. The counselor examines the applicant's financial records, including credit, property ownership, and existing debt. This determines just how much money the applicant may be able to borrow.

Some people have financial problems that can make it difficult for them to get a traditional loan. The counselor searches for alternatives. Once the appropriate loan has been determined, the counselor advises the applicant about the financial regulations and restrictions involved.

Loan counselors work in banks, colleges, and universities, mortgage firms, or credit unions. In addition to math skills, they must be detail-oriented, because their jobs entail a lot of paperwork. A loan counselor can also help in maintaining a customer's financial health. This could include a plan for paying off debt or finding a financial aid program for college.

Financial matters can be tedious and frustrating for both the loan counselor and the applicant, so a steady demeanor is helpful. You need to be able to listen carefully and explain complicated issues simply. A loan counselor usually has a college degree in finance, economics, or related fields. Computer skills are important, especially knowledge of loan application programs. If you like helping people a md you're good with numbers, your skills could "lend" themselves to a career as a loan counselor.
SNAPSHOT
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.
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