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How to become a credit controller

Calculator and pen on a desk

Credit controllers are responsible for retrieving money that is owed to a business or individual. Here is an overview of this particular career, the skills required, and how to get into it.

What does a credit controller do?

Essentially, credit controllers manage the money that’s borrowed and owed - on behalf of a company or individual. The concept of returning lost money is more complex and varied than it sounds. It can involve managing finances, keeping records, negotiating payment plans, and the comprehension of financial jargon.

Credit management is applicable to all sectors and industries across the UK and worldwide, offering a range of specialisms. It’s central to many areas around a business such as sales, finance and even customer service. It can be central to the success of a business.

Other tasks you may be expected to carry out:

  • Contact business customers when payment is overdue
  • Checking credit records
  • Processing payments/invoices
  • Corresponding with legal teams and bailiffs
  • Tracing missing debtors
  • Setting up repayment plans

Why choose this career path?

As stated above, the role isn’t simply about ‘collecting cash’ it’s a varied and important job, which can bring about many different challenges.

Through adaptability, persistence, being organised and building relationships you can massively help boost the profit margin of a company or client. Because of this, many people find this a fulfilling and rewarding career.

What qualifications do I need?

At entry level, credit controllers are not often required to have any formal qualifications - providing you have at least 5 (A-C) GCSEs.

However, there are some qualifications out there that could help make you stand out from the competition, while also helping you perform your job well.

Courses such as the Foundation level of AAT could help, or the credit controller level 2 apprenticeship, if you find a company who’d put you through this programme.

What skills do I need?

A variety of skills can make you an effective credit controller. Being good on the phone, a good all round communicator, being resilient, organised, and good under pressure all help.

Other useful attributes:

  • Customer service skills
  • Patience
  • Attention to detail
  • Administration skills
  • Computer literate

What could I earn?

In the UK the average income for a credit controller is £24,000, with high end salaries being upwards of £50,000.

In terms of progression, with further experience and professional qualifications you could be promoted to credit manager, or even start your own collections agency business and work on behalf of clients.

Interested?

If this sounds like the type of career you may want to pursue then maybe consider looking into Bookkeeping or AAT courses - they could be helpful in ensuring your employability in this field.

Sources:
https://www.totaljobs.com/advice/credit-controller-job-description#what-qualifications-do-you-need-to-be-a-credit-controller
https://nationalcareers.service.gov.uk/job-profiles/credit-controller
https://kaplan.co.uk/apprenticeships/standards/accountancy-tax/credit-controller-level-2
https://www.reed.co.uk/average-salary/average-credit-controller-salary