Credit Controllers are employed by business to collect monies that they are owed from either businesses or individuals. It is a position which requires strong negotiation skills, commercial acumen and a tactful disposition.
Credit Controllers may either work directly for a company or for a third-party collection agency but in both cases and are primarily employed to collect debts. Credit Controllers employed within a company’s finance department, will typically be chasing overdue payments from clients and suppliers. When collecting debts from businesses, this is typically referred to as ‘commercial collection’ whereas when collecting debts from individuals, this is termed ‘consumer collection’.
Whilst the duties of a Credit Controller will vary from business to business, below is a list of typical responsibilities:
Creation and maintenance of client files and accounts
Contacting clients when payment is due
Consulting computer databases to analyse credit records and trace missing debtors
Working with debtors to create a practical and commercial repayment plan solution.
Initiate legal proceedings if debts are not paid as per the repayment plan
Liaising with solicitors, bailiffs and other relevant debt collection professionals
A Credit Controller will possess good numerical skills in order to explain financial matters clearly to clients. Due to the often sensitive nature of the role, a Credit Controller must be able to be assertive in their approach but also remain tactful and keep calm under pressure. Credit Control requires good administrative and negotiation skills as well as the ability to think logically and commercially to ensure debts are repaid as timely and practically as possible.
Employers will usually require a minimum of a GCSE in Maths, English or Science, but there is generally no specific entry requirements for a Credit Controller position. Although being confident with numbers is useful, having excellent soft skills is just as important to a Credit Controller. Previous work experience in within and office or customer service experience is often looked on favourably by employers.
Credit Controller Salary:
An entry level position can start from £16,000 - £18,000 and for an experience Credit Controller who can demonstrate an excellent debt collection record or for a Credit Controller who is able to make the move into Credit Control Manager, salaries can reach in excess of £30,000.
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