Credit Controller

Job overview
Buying on credit has become a customary way of doing business.

People use credit extensively to buy houses, cars, large domestic appliances etc.

Businesses, too, purchase materials and merchandise on credit so that they do not have to tie up their cash in inventories.

Credit controllers handle all the liaison and administrative duties arising from such transactions, particularly hire-purchase.

The controllers in effect should be working in the interests of both buyer and seller.

What do people do in this job?
Credit controllers open accounts for prospective customers in accordance with a company's credit-policy by investigating the customers credit-worthiness, drawing up hire purchase contracts, and collecting deposits and payments.

They have the financial authority to accept or reject credit applications.

In extending credit to businesses, credit controllers review financial reports submitted by the applicant, interview representatives of the businesses, and review credit reports to determine the records of the firms in repaying debts.

When extending credit to individuals, credit controllers rely on personal interviews, credit bureaux and banks.

It is not necessarily the duty of credit controllers to formulate company credit policy.

That is usually the task of executive level credit managers in co-operation with other top managers, but controllers must be able to interpret the legal terms and requirements to clients and must also ensure that the contract is correctly signed by both parties.

Credit controllers have to check all accounts on a monthly basis.

They must repeatedly contact customers who are unable or refuse to pay their debts.

They do this through writing, telephoning or personal contact.

If these attempts fail, they may refer the account to a collection agency or instruct an attorney to take legal action.

Constantly dealing with figures, ascertaining liabilities, taking calculated risks at times and dealing with difficult clients, can put great strain on credit controllers.

What kinds of people are suitable for this career?
Credit controllers have to be discreet yet firm, for they are working with people and their money - usually a sensitive subject.

To maintain good customer relationships, controllers should have a pleasant personality and appearance, but also be able to speak and write effectively particularly when demanding payment of overdue accounts.

The work performed by credit controllers allows them to become familiar with almost every aspect of their company's business, thereby opening the way for advancement to more senior positions.

What qualifications are needed?
An aptitude for figures and the ability to spend much of the working day doing calculations and analysing financial data are important.

This calls for good school results in mathematics and, nowadays, facility in working with computers.