Whether you find yourself in the credit industry by design or whether you landed there by accident there are certain tips you can follow to have a successful career in the credit industry. The most important aspect to keep in mind is that your future success is in your own hands and with the right mindset and determination there is no limit to the success you can achieve. Here are a few tips to help you climb the corporate credit ladder.

Mastering the art of customer retention is a vital step to a successful career in the credit industry. Should your role as a credit professional entail the collection of debt it is vital that you never forget that you must always do your best to retain your customers. The key is to provide excellent customer service and always remember that a customer who is a debtor is still a customer. For this reason it is important to always be professional and polite regardless of how the debtor treats you. Never be rude or unprofessional as this may cost you future business opportunities - remember the best form of advertising is a word-of-mouth referral from a satisfied happy customer.

In order to be successful in the credit industry you have to continuously examine the processes you have in place throughout the credit life cycle. Always be on the lookout for a more efficient way of managing your debtors and see how you can improve collection methods already in place. If something isn’t working –change it. Always be proactive by examining systems, procedures and processes and make sure your company stays abreast with innovation. If you feel a procedure is outdated, inefficient or costly - actively look for a solution. Look for products, services or training solutions on the market that can assist you to efficiently and cost effectively manage the credit process.

Remember that no two customers are the same and as such you cannot treat each debtor the same when attempting to collect on debt. Prepare yourself before you contact each customer by equipping yourself with all the relevant information pertaining to the customer. It will soon become apparent to you if the customer "can’t” pay or if he/she “won’t” pay. Depending on which category the customer falls into you will need to adjust your approach. If you know the customer is a bad payer who frequently presents excuses – prepare your rebuttals beforehand and offer solutions to the problems the customer may offer for not paying his debt. Remember to be firm yet polite and always persistent.

Always attempt to treat your colleagues with respect. Whether you are just starting out in the credit industry or if you are a successful credit manager – treating those around you with respect is essential to ensure success. You will never become successful if you do not develop good relationships with your colleagues and sales teams and become a trusted dependable member of the company. Where possible ensure your employees’ continuous improvement, development and education and enforce sound internal communication strategies. A team that is informed, skilled and working towards a common goal will continue to be motivated to meet company goals.

In order to be successful in any career, regardless of industry, it is important that you educate yourself appropriately. There are several specially tailored courses for professionals in the credit industry which will not only refine your credit management skills but also give you a better understanding of the credit industry as a whole. To ensure you keep abreast with the latest industry developments it is to your advantage to regularly attend seminars and events surrounding industry related topics. This will not only help you to further your knowledge but also allow to you meet others in the industry. During these seminars you will get to hear from industry experts and be kept up-to-date on legislation and regulatory changes which are imperative to anyone in the credit industry.

Compuscan Academy frequently hosts seminars for industry professionals where it tackles issues faced by the credit industry. If you would like to find out more about possible courses, workshops or seminars on offer by Compuscan Academy please contact us on 021 888 6000 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it