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The Key to a Good Credit Policy

December 15, 2016

The Key to a Good Credit Policy

December 15, 2016

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Giving credit to customers is a very important sales tool for most businesses.

But knowing how to offer credit effectively is the key factor that determines whether a business will succeed and grow or accumulate bad debt and suffer.

Old school credit policies were based on a hand shake. Unfortunately, hand shakes are unenforceable in court. That’s why a written credit application and a written credit policy are keys to your business success.

Key items in a credit policy are:

  1. Have a properly drafted credit application form and get it signed.
  2. Check the references on the credit application form and get a credit report from CINCB.
  3. If the debtor stops paying for more than 90 days, call CINCB right away to get help!

Make no mistake. The older a debt gets, the harder it is to collect and the less money you will get back.

For free helpful information on drafting a Credit Policy and a Credit Application, click here.

Have questions? Call us today to speak with one of our experienced and professional agents for debt collection and credit reporting services.

 

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