5 Traits of the Ideal Credit Manager
What Makes a Successful Credit Manager
Focusing on these traits can only help you become a better credit manager at your financial institution.
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In addition to having credit risk software, supportive policies and procedure, a credit manager at a financial institution requires well-honed skills. Some of those skills come from experience, but some are more innate. Below are five traits integral to being a successful credit manager.
- A good negotiator. Lenders and credit managers often have to take an array of information to craft a decision that will benefit the company rather than expose it to unnecessary risk. Being people-oriented and having a genuine interest in working with people can allow you to balance risk with opportunity.
- An independent thinker. It’s essential to base decisions on facts rather than the attitudes of others toward a particular customer.
- Knowledgeable of laws that affect credit in your area. Understanding federal, state, and local laws relevant to your field may help the creditor avoid certain acts that could create liability.
- Has integrity. Trust in banks and financial institutions has improved, but it remains low, so maintaining a solid reputation is essential.
- Is analytical. The data on financial statements often don’t tell the whole story. So it’s critical to understand and study the data behind the figures and search for trends and clues to the future. Often, having easy access to data through credit risk software can help complete the view of the risk landscape.