Credit Counselors
SOC: 13-2071.00

Description:

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


National Salary Information:

Hourly Statistics:

Annual Statistics:

Source: Bureau of Labor Statistics 2015 wage data.


Employment Projections:

Employment (2014):
32,600 employed

Projected (2024):
37,600 employed

Projected growth (2014-2024)


Source: Bureau of Labor Statistics 2015 2014-2024 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.


Alternate Titles:

  • Assistant Director for Financial Literacy
  • Branch Credit Counselor
  • Certified Consumer Credit and Housing Counselor
  • Certified Credit Counselor
  • Certified Personal Finance Counselor
  • Consumer Credit Counselor
  • Counseling Program Leader
  • Counselor
  • Credit Balance Specialist
  • Credit Counselor
  • Credit Representative
  • Credit Specialist
  • Credit Support Counselor
  • Debt and Budget Counselor
  • Debt Counselor
  • Debt Management Counselor
  • Financial Aid Advisor
  • Financial Aid Counselor
  • Financial Aid Officer
  • Financial Coach
  • Financial Health Counselor
  • Financial Wellness Coach
  • Mortgage Counselor
  • Mortgage Loan Counselor


  • Job Zone Four: Considerable Preparation Needed

    Experience:

    A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

    Education:

    Most of these occupations require a four-year bachelor's degree, but some do not.

    Job Training:

    Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.


    Required Skills:

  • Reading Comprehension
  • Active Listening
  • Writing
  • Speaking
  • Mathematics
  • Critical Thinking
  • Active Learning
  • Learning Strategies
  • Monitoring
  • Social Perceptiveness
  • Coordination
  • Persuasion
  • Negotiation
  • Instructing
  • Service Orientation
  • Complex Problem Solving
  • Operations Analysis
  • Technology Design
  • Programming
  • Judgment and Decision Making
  • Systems Analysis
  • Systems Evaluation
  • Time Management
  • Management of Personnel Resources

  • Knowledge Used:

  • Administration and Management
  • Clerical
  • Economics and Accounting
  • Sales and Marketing
  • Customer and Personal Service
  • Personnel and Human Resources
  • Production and Processing
  • Computers and Electronics
  • Mathematics
  • Psychology
  • Sociology and Anthropology
  • Therapy and Counseling
  • Education and Training
  • English Language
  • Foreign Language
  • Philosophy and Theology
  • Public Safety and Security
  • Law and Government
  • Telecommunications
  • Communications and Media
  • Transportation


  • Tasks:

  • Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
  • Assess clients' overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.
  • Calculate clients' available monthly income to meet debt obligations.
  • Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
  • Estimate time for debt repayment given amount of debt, interest rates, and available funds.
  • Explain services or policies to clients, such as debt management program rules, the advantages and disadvantages of using services, or creditor concession policies.
  • Interview clients by telephone or in person to gather financial information.
  • 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 to set up payment plans.
  • Prepare written documents to establish contracts with or communicate financial recommendations to clients.
  • 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.
  • Recommend educational materials or resources to clients on matters such as financial planning, budgeting, or credit.
  • 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.
  • Refer clients to social service or community resources for needs beyond those of credit or debt counseling.
  • Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.
  • Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
  • Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments.
  • Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
  • Disburse funds from client accounts to creditors.
  • Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
  • Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
  • Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.
  • Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.

  • Tools & Technology:

  • Financial calculators
  • Inkjet printers
  • Laptop computers
  • Laser facsimile machines
  • Laser printers
  • Multi-line telephone systems
  • Personal computers
  • Chat software
  • Cooperative Processing Resources DMS Professional Suite
  • CoreLogic DebtorTrace
  • Credit Master software
  • Email software
  • Freddie Mac Loan Prospector
  • ICCO CreditSoft
  • Integrant DebtLogic
  • LexisNexis Accurint
  • Merlin Information Services databases
  • Microsoft Access
  • Microsoft Excel
  • Microsoft Office software
  • Microsoft Outlook
  • Microsoft PowerPoint
  • Microsoft Word
  • Oracle PeopleSoft software
  • Paragon Financial Services Paragon Financial System
  • Prime Debt Soft Credit Repair Software
  • Prime Debt Soft Debt Settlement Software
  • SAP software
  • Web browser software


  • business and financial operations


    industry stats

    SOC: 13-0000

    Total Employed: 7,032,560

    Average Annual Salary: $73,800