Credit brokers work as the middle-men between credit applicants and banks or other lenders. Credit brokers do not supply the credit themselves, but they play an important role in steering customers toward the right place to apply for credit and facilitating the overall process. Becoming a credit broker requires a combination of education and experience in your chosen niche. With time, hard work, and a determination to succeed, you can become successful as a credit broker.

Supplies Needed:

Educational background in finance

Instructions:

Step 1: Acquire the educational credits that you will need to work as a credit broker. While some credit brokers can begin work with only a high school diploma, education can be an important plus in the industry. Strive for at least a bachelor’s degree in a field such as finance or even business. Consider adding a master’s degree to your educational resume at some point. A strong educational background provides you with an important part of the knowledge that you need to understand the credit industry.

Step 2: Select the type of credit brokerage work that you would like to do. Credit brokering can apply to personal or commercial loans and lines of credit, as well as merchant accounts and credit insurance. The opportunities for working as a credit broker are wide, so you will need to find the right industry niche for you. Spend some time researching different types of credit brokerage work, and don’t be afraid to contact credit brokers to ask them about what they do.

Step 3: Apply for any necessary licensing.Licensing is not required for all credit brokers, but it is essential for brokers in some parts of the industry. For instance, credit insurance brokers must have a license, while merchant account brokers need no licensing whatsoever. Familiarize yourself with the type of brokerage work that you plan to do, and contact your state’s departments of insurance and licensing to find out what the rules are for the work that you will be doing.

Step 4: Work as an intern. On-the-job experience runs parallel to education in terms of its importance for working as a credit broker. Apply for internship opportunities that will help you develop your industry contacts. As a credit broker, you work largely as the agent between the credit applicant and the bank. Developing contacts with potential customers and lenders can help you develop business when you begin establishing yourself and help you with locating the customers you will need to keep your business going.