A credit analyst plays a key role within the banking and loans sector in terms of predicting an individual’s or business’s credit worthiness. They are responsible for analyzing a number of factors, including the applicant’s credit history, and advising the bank as to whether or not they should proceed with a loan application.
The role of a credit analyst is to develop methods which will aid the bank’s staff in determining whether an applicant will pay back a loan or default on payments. They will use probability and statistics to analyze the data from the financial institution’s database of existing borrowers and advise whether a potential client with a similar set of circumstances is likely to pay back a loan. The analyst is also responsible for ensuring that any credit scoring systems remain up to date and useful.
The job holder should posses a bachelor’s degree in finance, accounting, business or a related field. The average salary for this role is around C
$45,000, plus bonuses of up to C
$5,000.