Questions to ask when Extending Credit

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Jul15

July 15, 2006

Know More: Creating a Credit Policy, Credit Applications, Fair Debt Collection Practices Act, I have past due customers, what do I do?, What makes a Good Collector?

If you decide to extend credit to customers how do you know what to ask them to give you the information you need to make good credit decisions?

Business and owners name
length of time they have been in business
Address, length of time at that address
Former address
Balance sheets, or IRS tax returns
Phone numbers of business and principals
Cell phone numbers, email address
Bank name, address & phone number
Personal and Business credit references
Employer name, address & phone numbers
Length of time at current employment
Marital status, name and employment information for spouse
Total monthly household income
Social security number and/or Federal ID #

You don't have to ask all of these questions, but as many as you can is your best bet. You need to protect yourself and business from bad debt.

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Credit Policy for businesses and how to extend credit and manage credit risk

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