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

If you have decided to extend credit, there is some pertinent information you must get from a potential business or customer before you extend credit.  You do this to protect yoursefl and your busness and to make money.

Get the following from someone seeking credit:

1. Business and owner's name
2. Length of time they have been in business
3. Address and length of time they have been at that address
4. Former address
5. Balance sheets or IRS returns
6. Phone numbers, residence, cell phone, work
7. Bank name, address and phone number
8. Credit references, personal and buisness
9. Employer's name, address and phone numbers
10. Length of time at current employment
11. Marital status, name and employment informatiion on spouse
12. Total monthly household income
13. Social Security or Federal ID#