Credit Controller

Credit controllers are employed by firms to handle all the liaison and administrative duties arising from hire-purchase transactions. In this way the hire-purchase system can be managed on an organized basis and the interests of both buyer and seller can be protected.

Over the years, buying on credit has become a customary way of doing business. Customers use credit extensively to buy houses, cars, large domestic appliances and many other goods and services. The vast majority of business purchases, such as raw materials used in manufacturing and merchandise to be sold in retail stores, are also bought on credit so that businesses do not have to tie up their cash in inventories.

Credit controllers are responsible for opening accounts for prospective customers in accordance with the company’s credit-policy by investigating the credit-worthiness of prospective buyers, drawing up the hire-purchase contracts, and collecting the deposits and payments. They sometimes have the financial authority to accept or reject credit applications. In extending credit to a business the credit controller reviews financial reports submitted by the applicant, interviews representatives of the business, and reviews credit reports to determine the records of the firm in repaying debts.

When extending credit to individuals, the credit controller relies on personal interviews, credit bureaus and banks. Although it is not necessarily the duty of the credit controller to formulate the hire-purchase contract (it is usually the task of executive level credit managers in cooperation with other top managers to formulate company credit policy), he/she must be able to interpret the legal terms and requirements to clients. In some large organisations, the credit controller may be responsible for establishing a credit policy. He/she must also ensure that both parties sign the contract correctly.

Credit controllers have to check all accounts monthly and contact customers who are unable or refuse to pay their debts. They do this through writing, telephoning or personal contact. If these attempts fail, they may refer the account to a collection agency or assign an attorney to take legal action.

Key skills in this job are to be a good communicator, with a tactful manner, able to keep calm under pressure, be assertive, have good number skills and the ability to explain financial matters clearly.

Personal Requirements

have to be able to work with sensitivity when dealing with people and their money
have a pleasant personality and appearance
have the ability to speak and write effectively
need to be able to demand payment on overdue accounts, which may cause extra strain
be discreet yet firm
need personal knowledge of human nature
must be able to use their powers of observation when dealing with customers
be prepared to learn from their mistakes if their judgement is wrong
be able to analyse detailed information and draw valid conclusions based on this analysis
must be prepared to spend most of his/her working day doing calculations

Employment

various businesses
banks and building societies
finance houses
departmental stores
retail companies

No self-employment possibilities exist, except perhaps as a debt collector

Getting Started

become as figure orientated as possible
try to obtain vacation work as an assistant to a credit controller, for example in a retail company
make an appointment to speak to a credit controller about this type of career

Programmes

Credit Controller / Assistant Bookkeeper

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