Credit Policy Procedure | REV103

$ 29.99

Included in these items:MORE SAVINGS

Accounting Policies and Procedures Manual $ 397.00
Revenue Policy and Procedures $ 99.99

easily editable in ms wordCredit Policy Procedure

The Credit Policy Procedure outlines the activities and responsibilities in obtaining a credit approval for a potential customer before sales orders are processed.

The Credit Policy Procedure reduces potential collection problems for your company. The credit policy also provides a process to evaluate and approve new customer accounts or customer credit limit increases through the use of credit scoring. These procedures are to be followed for all credit approvals requested by the Sales or Customer Service Departments for customers interested in open account, lease or rental financing. (16 pages, 3694 words)

This process starts with a credit application. The salesperson should review the application for completeness and accuracy. Missing or erroneous information may result in delays or rejection of the application.

Credit Policy Definition:

Credit scoring is the process of assigning values to various elements of a customer’s credit history and payment performance to quantify its creditworthiness. It is popular because it creates a common, unbiased approach to evaluating credit requests.

Credit Policy Responsibilities:

The Sales Representative is responsible for reviewing Credit Application for completeness and accuracy.

The Credit Manager is responsible for application review and investigation of the applicant’s credit history.

Credit Policy ProcedureCredit Policy Procedure Activities

  • Credit Application
  • Credit Investigations
  • Credit Approval/Rejection
  • Additional Information Resources

Credit Policy Procedure References

  • Equal Credit Opportunity Act (ECOA)
  • Truth In Lending Act (TILA)
  • Fair Credit Billing Act (FCBA)
  • Fair Credit Reporting Act (FCRA)
  • FRB REG B: Equal Opportunity Act
  • FBR REG M: Consumer Lending Act
  • FBR REG Z: Truth In Lending Act

Credit Policy Procedure Forms

 

Reviews

There are no reviews yet.

Be the first to review “Credit Policy Procedure | REV103”

Your email address will not be published. Required fields are marked *

You may also like…