Loan & Credit Clerks may:

Interview loan applicants to obtain the personal and financial data necessary to complete the application  

Contact credit bureaus, employers, and other sources to check applicant's credit and personal references.  

Check the value of the customer's collateral to be held as security for the loan  

Make recommendations to the loan officer or other responsible person about approving or denying the loan  

Contact the customer by mail, telephone, or in person about the acceptance or rejection of the application  

Complete paper work about liens, mortgages, escrow instructions, and other legal requirements  

Present the loan and repayment schedule to the customer  

File and maintain records of the loan or keep (saving) the data on computerized systems  

Review accounts to see whether or not payments are made on time and other terms of the loan are being followed  

Type collection letters, file, or answer the telephone  

Tools and equipment used may include:

Loan and Credit Clerks work under the direction of a bank loan officer, credit agency manager, or office supervisor. These Clerks work indoors in well lighted, well ventilated offices, generally equipped with convenient furniture and files. Some work at partitioned counters where credit workers stand on the inner side, facing customers, while others have open booths with desks where they interview customers.  

Most Clerks work 36-40 hours per week during normal business hours. Some Loan and Credit Clerks work evenings or weekends. Loan and Credit Clerks may be required to work overtime occasionally. Many Loan and Credit Clerks work part time.  

You Should Prefer:

• Activities concerned with communication of ideas/information to  

others  

• Activities involving business contact with people  

• Activities of a routine, definite, organized nature  

You Should Be Able To:

• Deal effectively with people beyond giving and receiving instructions  

• Work within precise limits or standards of accuracy  

• Rate information using standards that can be measured or checked  

• See detail/errors in numbers/spelling/punctuation written materials  

• Keep credit information confidential  

• Perform arithmetical operations quickly and accurately  

Math Problem You Should Be Able to Solve:

If you loan a person $20,000 dollars at 5% annual interest, how much money will you earn on the loan after 2 years?  

Reading Example You Should Be Able to Read and Comprehend:

Full-time Associates with a minimum of one year of service may qualify to borrow up to $25,000 per year for themselves or family members for educational purposes.  

Writing Example You Should Be Able to Produce:

You should be able to write a report explaining any problems that may have occurred in collecting a loan from someone.  

Thinking Skill You Should Be Able to Demonstrate:

You should be able to decide if someone is qualified to receive a loan and will be able to pay it back.  

Some employers require applicants to be able to type accurately at a speed of 50 words per minute or faster. Many employers require experience in other clerical positions, such as typist, file clerk, or teller.   

NOTE: On-The-Job Training provided by the employer or a High School Diploma or Equivalent or an Associate Degree (two years of study beyond high school) may qualify a person for this occupation.

The following education and preparation opportunities are helpful in preparing for occupations in the MOIScript:  

***SCHOOL SUBJECTS***

0600 BUSINESS , 0700 CAREERS , 0900 COMMUNICATIONS , 1000 COMPUTERS , 1100 ECONOMICS , 1700 GOVERNMENT , 2200 MATH , 3300 TECHNOLOGY

***VOCATIONAL EDUCATION PROGRAMS***

There are no Vocational Education Programs related to this MOIScript  

***POSTSECONDARY PROGRAMS***

018 BANKING & FINANCE

Programs in Banking and Finance are designed for those who want to work in financial institutions. Such programs are also useful to present employees who desire to upgrade their skills. Banks, savings and loan associations, credit unions, trust companies, credit agencies, and lending institutions are among potential employers.  

Courses vary from school to school and depend on the degree level of the program. Courses may include:  

138 GENERAL OFFICE CLERK TRAINING

Programs in General Office Clerk Training are designed for the individuals who wish to learn the basic clerical skills needed for employment in the various office settings. The programs will prepare students to perform such duties as duplicating data, compiling records and reports, tabulating and posting data in record books, sorting and filing correspondence and records, handling mail, and operating office machines.  

Courses vary from school to school but may include:

Many employers hire high school students enrolled in business education programs for part-time jobs. Post-secondary programs in banking and finance or general office clerk might offer a co-op portion which includes practical experience. Handling money as a treasurer for a club or other group might be helpful also.  

                School-to-Work opportunities include:

informal apprenticeships  

mentorships  

job shadow experiences  

touring a local Loan and Credit Clerk employer  

internships  

volunteer work with a Loan and Credit Clerk employer  

community service work with an agency  

Apply directly to banks, savings and loan associations, credit unions, credit agencies, and mortgage companies. Help in locating a job may be found in a school counseling or placement office or a local office of Michigan Works!. Jobs may be listed in newspaper want ad sections.   

Earnings of Loan and Credit Clerks vary widely depending on the worker's position and length of experience as well as the type, size, assets, and location of the employer. In general, financial institutions have paid clerical workers lower salaries than have firms in other industries. Full-time employees usually earn from 5% to 15% more per hour than part-time workers do.  

Nationally in early 1996, banks paid nonsupervisory workers an average of $16,841, and personal credit agencies paid an average of $20,023 per year.  

In Michigan  , annual salaries for Loan Clerks working for banks ranged from $14,000 to $24,800 in 1996.  

Loan and Credit Clerks generally receive paid vacations and holidays, sick leave, hospitalization insurance and pension plans. These benefits are usually paid for, at least in part, by the employer.  

Beginners often are hired as typists, file clerks, or other clerical workers and are promoted after gaining experience and training and demonstrating their ability to perform the more complex duties of Loan and Credit Clerks. Promotions depend on the clerk's performance, qualifications, and motivations, as well as the available openings.  

Advancement to a bank officer position is possible for Loan and Credit Clerks with college training or who have taken specialized courses in banking. The American Institute of Banking (AIB), an arm of the American Bankers Association, offers correspondence study and helps local banks conduct cooperative training programs. Completion of such programs may help Clerks and other workers advance.

About 201,700 Loan and Credit Clerks were employed nationally in 1994. Their employment is expected to grow more slowly than the average for all occupations through the year 2005. The industry distribution for Loan and Credit Clerks looked like this:  

In addition to growth openings, many openings will occur as workers change jobs or occupations, retire, die, or leave the labor force for other reasons. Although the banking industry makes use of new technology, several tasks of Loan and Credit Clerks are not adaptable to electronic data processing. Expanding use of credit cards and other consumer credit will help increase the demand for these Clerks, but demand may decrease somewhat during times of economic recession.  

There are about 5,520 Loan and Credit Clerks employed in Michigan  . Nearly all worked in the finance industry for banks, savings and loan associations, credit unions, and private consumer finance companies. A few worked for real estate and insurance firms.  

Employment of Loan and Credit Clerks in Michigan  is expected to grow more slowly than the average for all occupations through the year 2005. An average of 90 annual openings is expected, with almost all due to replacement of those who retire, die, or leave the labor force for other reasons. Additional openings will occur as workers change jobs or occupations. The banking and financial services industry is undergoing change. As banks merge and consolidate, some jobs will be lost. However, non bank competitors like insurance companies, commercial credit firms, and brokerages have taken much traditional business from banks. The increasing use of new technology in the banking industry will have little effect on Loan and Credit Clerks because of the personal nature of jobs. As a result, banks and non bank competitors should continue to be a good source of steady full-time and part-time employment for clerical workers, including Loan and Credit Clerks.  

MICHIGAN 'S EMPLOYMENT OUTLOOK TO 2005

Printed Occupational information is available upon written request from the sources below.