Oversee credit crunch (6)

I believe the answer is:

direct

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'oversee' is the definition.
(thesaurus)

'credit crunch' is the wordplay.
'credit' anagrams to 'DIRECT'.
However, I am not clear how this is indicated.

Can you help me to learn more?

(Other definitions for direct that I've seen before include "Following the quickest path without deviation" , "As the crow flies" , "Organise; straight" , "Instruct" , "Regulate" .)

I've seen this clue in the Sydney Morning Herald.

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