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Bernstein Burkley
  • Practice Areas
    • Overview
    • Bankruptcy & Restructuring
    • Business and Corporate Transactions
    • Creditors’ Rights
    • Litigation
    • Oil & Gas and Energy
    • Real Estate
    • Real Estate & Commercial Finance
  • Our Attorneys
  • About Us
    • Our Approach
    • History
    • Law Lists
    • Professional Memberships
    • Careers
  • Resources
    • Bernstein’s Dictionary of Bankruptcy Terminology
    • Links
    • Five Minute Legal Master videos
    • Blog
    • Legal Publications
  • News
    • Cases Archive
    • Firm News
    • In the News
    • Industry News
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Q&A
Q&A

What are some of the requirements that my credit manager should include in a commercial credit application?

Posted on October 29, 2012 by Bob Bernstein

Creditors’ Rights 41

A: A well-constructed credit application is a credit manager’s secret weapon. It can make the difference between recovery and write-off. This instrument combines basic business-related information with important credit terms and then asks for a signature so the information can be verified and relied upon.

For commercial credit applications I recommend collecting all of the following information. Each is important either for deciding a customer’s credit worthiness or in tracking down credit criminals.

  • Legal business name
  • Primary contact person
  • Name of owner or CEO (the person you might have to track down in the event of problems)
  • Names of officers and directors
  • Mailing address
  • Previous mailing addresses for businesses with this name
  • Type of business: (Manufacturer, Distributor, Reseller, End User, Service)
  • Business structure: (Sole proprietor, Partnership, Corporation, Limited Liability Company)
  • Years in business under this name
  • E-mail for primary contact person
  • Company website
  • Federal identification number or owner

*Learn more about credit policies and the Payment Gap with Bob Bernstein’s new book, Get P.A.I.D.TM A Guide to Getting Paid Faster (and What to Do if You Don’t!) at www.getpaidsystem.com

 

 

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