The term credit specialist can describe two different types of jobs, the first being a worker who enforces compliance with a company's credit standards and the second being someone who assists people in repairing their credit records. In the first case, a credit specialist becomes familiar with a business's process for approving the extension of credit and the management of credit lines and works with clients to ensure that they are given a fair chance at access to credit while also protecting the interests of the employer. In the second case, this professional may work independently or as part of a credit repair clinic to help individuals who have a bad credit history or who are victims of identity theft to remove negative information from their credit reports and to reestablish creditworthiness.
For credit specialists who work in the issuing of credit, duties may include evaluating and verifying information provided by credited applications, approving or disapproving requests for credit, and establishing credit terms and limits. For example, credit specialist may be required to perform an investigation into the credit worthiness of a potential client by contacting the client's bank and other creditors to determine financial soundness. This person may also periodically review the accounts of clients in order to determine whether they are eligible for credit line increases or whether their credit terms should be restricted. In some cases, a credit specialist may also be asked to work with a client who is having difficulty fulfilling the terms of his credit agreement. When working with clients who are unable to pay their bills, a credit specialist may be able to reduce or remove fees, change interest rates, or even approve settlements for less than the full amount owed.
Credit specialists who work in the area of credit repair evaluate the credit records of their clients and assist them in improving their reports. Depending on the jurisdiction in which the client lives, this process may involve challenging information on the report and requiring both creditors and the credit bureaus that issue the reports to verify the information that they contain. In some places, such as the United States, the law requires credit bureaus and creditors to remove negative credit information if that information cannot be documented and verified. A credit specialist may also assist his client in improving his financial health by developing responsible spending habits and wisely applying for and using credit.