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

All credit reports begin with a report summary, when you report a past due account to the credit bureau, each item you list will show as a “Trade Line”.  This includes:

1.      Your company name

2.      Your company address

3.      Your business phone number

4.      The account number

5.      The status and/or a comment or remark

6.      The date the account was opened

7.      Type – Credit card, revolving, auto, mortgage, judgment, collections.

8.      The total credit limit and the original amount of the debt or bill.

9.      Reported since, this is the date you started reporting this debt to the credit bureau.

10.  Your payment terms.

11.  High balance.

12.  The amount of the customers monthly payment.

13.  Recent balance due.

14.  Whether it is an individual or joint account.

15.  Account history showing payments made and how late they were.