Individuals interested in finance and credit management may find a fulfilling career as a credit controller.
A credit controller is someone that specializes in buying debts and facilitating collection efforts on those debts.
When the debts cannot be easily collected, they may also begin legal action against the debtor.
Table Of Contents
- What is a Credit Controller?
- Work Opportunities in the Credit Controller Industry
- What It’s Like to be a Credit Controller
- Credit Controller Salary & Income
- Overview of the Credit Controller Industry
- Requirements, Skills, and Education Required for Credit Controllers
- Credit Controller Education & Schooling
- Become a Credit Controller
- Wrapping Up
What is a Credit Controller?
A credit controller will generally work for a larger company that purchases debts and attempts collection on those debts.
They can often specialize in one or more types of debts, such as consumer debt, medical debt, or business debt.
They can also work directly for a particular company via their finance department.
What is a Credit Controller Called?
A credit controller does not have any alternate titles, except for those that denote what type of debt they specialize in.
One example would be a commercial credit controller.
Someone who manages those in the credit control field or debt collection field may be called a credit manager.
What Does a Credit Controller Do?
A credit controller will communicate with a consumer or business representative by way of email, phone, or physical letter in an attempt to collect the debt their company has purchased.
If they are unable to collect a debt and their company determines it is feasible and financially prudent, they may also initiate legal action against the indebted party to collect what is owed.
In many cases, the credit controller will also be the party to decide if someone has a credit history or the credit ratings and cash flow worthy of taking on more debt.
Work Opportunities in the Credit Controller Industry
Credit Controller Job Description
A credit controller is primarily responsible for debt coordination of existing creditors and determining if the debtor is a good candidate for credit.
They are considered a critical role in credit companies and are one of the few parties responsible for allowing money to be borrowed or credit to be extended.
They frequently deal with invoices, deal directly with customers, and can report to the finance manager or finance director.
Top Credit Controller Jobs and Careers
Where Can a Credit Controller Work?
A credit controller will generally work for debt purchasing companies, third-party collection agencies, or directly for credit companies.
Additionally, a credit controller can find work in the finance departments of certain larger organizations.
What It’s Like to be a Credit Controller
Is Being a Credit Controller Hard?
A credit controller career isn’t often difficult, often due to the formulaic way they can determine creditworthiness.
Those who work in collections may even find the work easy, though repetitive.
Is a Credit Controller Job Stressful?
A credit controller job is a relatively low-stress occupation.
There are few deadlines and the work is often conducted at the pace of the controller.
Common Credit Controller Work Day
The first thing a credit controller will do when they get into the office is generally catch up on communication like emails and calls that have come in during their off-hours.
Then they will move on to any necessary investigations that need to be conducted to answer current inquiries.
There will frequently be a period where they work on the phone, contacting clients that have an outstanding invoice or a late payment.
Before ending their day they will generally try to make sure the outstanding issues are as minimal as possible that they will need to deal with when arriving the following day.
Credit Controller Tasks & Duties
Some of the duties required of the credit controller will include:
- Contacting debtors and communicating with them about their outstanding debts
- Negotiate settlements and potential payment plans for debtors
- Deciding on conditions for payment terms and settlements plans
- Notating client accounts with details of interactions and agreements
- Begin legal action against evasive or non-compliant debtors
- Process any debts deemed irreconcilable, such as bankruptcies, that are to be written off
Credit Controller Work Hours & Schedule
The work hours of a credit controller will greatly depend on where they are employed.
In most cases, they will work a standard shift in an office setting.
There may be scheduled or voluntary overtime, as well, as determined by their employer.
Credit Controller Dress Code
There is no dress code for a credit controller career unless specified by the company that employs them.
Does This Career Field Embrace Work/Life Balance?
There is no specific guidance on work/life balance for a credit controller, and as such, it will depend on the organization they work for.
Some companies are much better at helping their employees have a good balance, while others are not.
Credit Controller Salary & Income
Do Credit Controllers Make Good Money?
Credit controllers make relatively good money for what is essentially an office job.
They make well over minimum wage, and often make a commission on a portion of the debts they can collect.
How Much Do Credit Controllers Make?
The Bureau of Labor Statistics reports that the median wage for a credit controller is $77,440, with the lowest 10% of workers making $47,630 ad the top 10% making more than $153,560.
A more experienced credit controller will often be at the higher end of those numbers.
Overview of the Credit Controller Industry
Credit Controller Field: Career Progression
Most individuals interested in becoming a credit controller will start as an assistant credit controller and work in that position for a few years.
Once they advance to the role of credit controller, they will have significantly more responsibility.
Following a career as a credit controller, advancing to a credit analyst or similar position on the credit control team is common, though often a degree is required.
Is Credit Controller a Good Career?
Becoming a credit controller is generally regarded as being a good career, though without an advanced degree there is little room for advancement.
Credit Controller Job Outlook
The job growth outlook for a credit controller is an estimated 17% from 2020-2030, according to the Bureau of Labor Statistics.
This is well above the national projection of just 8% for all occupations.
Demand for Credit Controller
The demand for credit controllers is always growing and even though the growth rates are lower than in some industries it still outpaces the national average for all occupations.
There are expected to be approximately 64,000 new openings each year, primarily due to people exiting the workforce or changing occupations.
Credit Controller Facts
Some facts about credit usage in the US include:
- 5 of the 8 largest credit card companies have their headquarters in the US
- The largest holder of US credit purchases in 2021 with $950 billion
- Balances and utilization rates dropped markedly in 2021
- New credit accounts are on the rise, meaning more work for a good credit controller
- The average US consumer holds 3 credit cards
Jobs Related to Credit Controller
Associate Credit Controller
An associate credit controller works in tandem with credit controllers to manage reports and perform month-end processes.
They will assist in the calculation of fees concerning outstanding debts and will help ensure a timely payment is credited to a debtor account.
Senior Credit Controller
A senior credit controller will work with an assigned team of credit controllers.
The credit controllers will report directly to the senior credit controller, who will manage their activity and help support them in their roles.
A fund controller will help with the oversight and compliance of credit funds and will help analyze data relating to the calculation and reconciliation of accounts.
The fund controller will review quarterly statements and audited financial statements, as well as management fees for the fund.
Requirements, Skills, and Education Required for Credit Controllers
Who Should Consider a Credit Controller Career Path?
Individuals interested in finance, credit, or collections will be great candidates for a career as a credit controller.
Who Should NOT Consider a Credit Controller Career Path?
Those who have difficulty with math or lack sufficient customer service skills for collections will have trouble being a credit controller.
Is it Hard to Become a Credit Controller?
Some positions will hire without a degree, which makes it significantly easier to become a credit controller.
However, if the position requires a degree, it will be significantly more challenging since that will add a 4-year requirement of education to the job.
What Do I Need to Become a Credit Controller?
Many positions will require the credit controller have a BS in mathematics, accounting, or finance.
However, a degree is not required to enter the credit controller role.
Requirements for Becoming a Credit Controller
Additional requirements will include strong communication abilities, and skills in maintaining good client relationships.
A credit controller must understand the legal complexities of debt, collections, and lending.
Using computer software to assist in accounting efforts and payment reminders will be common.
What Skills Does a Credit Controller Need?
A credit controller will need extensive social skills, good communication skills, and strong math abilities.
What Education Does a Credit Controller Need?
Most credit controllers can enter the field without a degree.
However, for the best chances of getting hired, they should have a degree in math, finance, or accounting.
Can You Become a Credit Controller Without a Degree?
There will be some limited situations where an individual can become a credit controller without a degree and with only their experience.
What Experience Does a Credit Controller Need?
A credit controller will not need much prior experience to enter the field.
They will need considerable math and social skills.
Credit Controller Education & Schooling
Credit Controller Education & Schooling
Education and schooling for a credit controller are generally limited to what they learn on the job.
Credit Controller Education Options and Degree Programs
The primary degree required for a credit controller is a bachelor’s degree in math, finance, or accounting.
A credit controller that wants more options for advancement and management of more complex accounts will want to get an advanced degree in one of the same fields.
Become a Credit Controller
Steps to Become a Credit Controller
To become a credit controller, you should start with excellent math skills.
Some college experience will make you a more attractive candidate, but having a 4-year degree will move you to the top of the list.
Additionally, experience with spreadsheets, invoicing, and other financial software, while having strong communication skills will make your chances of becoming a credit controller even better.
Current Career Job Openings
If you are interested in becoming a credit controller, look at some of the leading job listings in that field.
If you have strong math and customer skills, becoming a credit controller can be a great career choice.
You will be able to help people stay current on their financial obligations and help decide if more credit can or should be extended to a debtor.