Credit Counselors

What the job really is

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

At a glance

• Sector: Business & Financial
• O*NET-SOC code: 13-2071
• O*NET job zone: 4 — considerable preparation
• Work sample tasks on file: 12
• Tools and technologies listed: 12

What you actually do

Work sample tasks recorded for this occupation:

• Calculate clients' available monthly income to meet debt obligations.
• Explain services or policies to clients, such as debt management program rules, advantages and disadvantages of using services, or creditor concession policies.
• Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
• Prioritize client debt repayment to avoid dire consequences, such as bankruptcy or foreclosure or to reduce overall costs, such as by paying high-interest or short-term loans first.
• Assess clients' overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.
• 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.
• Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
• Interview clients by telephone or in person to gather financial information.
• Estimate time for debt repayment, given amount of debt, interest rates, and available funds.
• Prepare written documents to establish contracts with or communicate financial recommendations to clients.
• Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
• Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or payment plans.

Tools and technology

Microsoft Access, Microsoft Excel, Microsoft Office software, Microsoft Outlook, Microsoft PowerPoint, Microsoft Word, Oracle PeopleSoft, SAP software, Chat software, Cooperative Processing Resources DMS Professional Suite, CoreLogic DebtorTrace, Email software

What employers expect you to already be comfortable with.

Where this job leads

Related occupations — the usual moves up and sideways:

• Personal Financial Advisors
• Loan Officers
• Credit Authorizers, Checkers, and Clerks
• Credit Analysts
• Loan Interviewers and Clerks
• Financial and Investment Analysts
• Securities, Commodities, and Financial Services Sales Agents
• Eligibility Interviewers, Government Programs

Getting in

O*NET assigns this occupation job zone 4 (considerable preparation). The related occupations above are the realistic routes in and out.

Find openings

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Check this against the source

O*NET OnLine: Credit Counselors — the authoritative public-domain profile this page is derived from, including the full task list, reported skills and the wage estimates for your region.

Derived and rewritten from the public-domain O*NET database (U.S. Department of Labor / Employment and Training Administration). Figures are observations, not promises — always confirm salary, licensing and visa requirements with the employer and the relevant authority.