Credit departments play a crucial role in the financial industry, and it is important to ensure that they are functioning at their best. A financial institution's credit administration department deals with all steps of the credit process. Credit administration staff are responsible for managing the entire credit process, including the approval of credit to borrowers, assessment of the creditworthiness of potential customers, and credit review of existing borrowers.
Housekeeping for your financial institution’s credit department involves more than just keeping things organized. It's about ensuring that every aspect of your lending operation is optimized for efficiency and effectiveness. One way to do this is to take stock of your credit administration processes and make necessary adjustments. Whether it's at the start of a year or some other time, focusing on these key areas will help you fine-tune your operations and set your financial institution up for success in the year ahead.