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Tips for establishing a business credit policy that works

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About this white paper

Depending on who you ask, the profession of credit management is changing rapidly or standing still. New technology has accelerated the pace of digital transformation at some organizations, but others still like to do things the old-fashioned way - with pen, paper, stamps and filing cabinets or they get lost in the "modern" world with endless (technical) possibilities. A company's credit policy should not gather dust with outdated guidelines but often does. It is important to review credit policies regularly to keep them up-to-date and in line with how much credit risk you are willing to take on.

  • Where a good credit policy begins

    The Credit Research Foundation (USA) has established six critical questions for developing a credit policy. How these questions are answered lays the foundation for the type of credit policy that is most beneficial to your business.
  • Example of a good credit policy

    A company's credit policy can vary in length, from a few pages to hundreds of pages. The white paper provides an example of a credit policy that can be tailored to each company's needs.
  • Checklist to keep next to your current policy

    The credit policy should list the required information your company collects as part of the application. You want to make sure you capture all the information needed to get a complete picture of the applicant so you can make the best informed credit decision and offer the best possible terms. The white paper provides a checklist you can use to get a complete picture of a loan applicant.

26 pages

24 minutes reading time

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