Credit brokers help credit applicants get a loan from a bank or other financial institution. They act as the middleman between credit applicants and the institutions. They also help the credit applicant shop around for the best deals. Credit brokers earn money by adding their service fee called a "commission" to the loans of the credit applicant. Becoming a credit broker requires a mixture of expert knowledge and experience in your chosen niche.
- Skill level:
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Acquire a high school diploma or General Equivalency Diploma. Get a degree in business administration or finance and try to get a master's degree to help boost your educational resume. A strong education can help you gain the knowledge you need to understand the complexities of the credit industry.
Choose the kind of credit brokerage you'd want to practice.Options include credit insurance, merchant accounts or commercial or personal lines of credit. There are numerous opportunities for working as a credit broker, so find the right industry niche for you. Research the kinds of credit brokerage work, and contact credit brokers to ask them what they do.
Apply for state licensing. Not all credit brokers require a license. A credit insurance broker for example is required to be licensed, while a merchant account broker needs no license. Familiarise yourself with the kind of credit brokerage work that you want to do, and contact the licensing and insurance departments in your state for the work that you will be doing and licensing requirements.
Get an internship in a credit brokerage firm. On-the-job training is similar to education in regard to its importance for working as a credit broker. As a credit broker, you will mostly work as the mediator between the financial institution and credit applicants. During your internship, you will begin to establish yourself and locate customers you will need to keep your business running.
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