{"id":280,"date":"2015-04-07T13:04:03","date_gmt":"2015-04-07T11:04:03","guid":{"rendered":"https:\/\/www.debtsource.co.za\/?p=280"},"modified":"2022-02-18T11:19:03","modified_gmt":"2022-02-18T09:19:03","slug":"is-it-time-to-review-your-credit-application-form","status":"publish","type":"post","link":"https:\/\/www.debtsource.co.za\/2015\/04\/is-it-time-to-review-your-credit-application-form\/","title":{"rendered":"Is it time to review your Credit Application Form?"},"content":{"rendered":"\n\n\n
\n

Credit or the Latin word CREDERE <\/i>means to be accredited or trust worthy! It requires trust in all its forms to extend credit terms to a customer. Ronald Reagan was once quoted saying \u201cTrust, but verify<\/i>\u201d. Credit is based on trust!<\/p>\n

\u00a0<\/span>On entering the business world in the early 1980\u2019s the Credit Application form was often thought to be a request for credit with credit being extended purely on the receipt of the completed document.<\/p>\n

\u00a0<\/span>But you need a Credit Application because:<\/p>\n

    \n
  1. It provides vital information about the entity<\/span><\/li>\n
  2. It is usually the only legal agreement you will have with your client<\/span><\/li>\n
  3. It houses your terms and conditions<\/span><\/li>\n
  4. It is a tool which can be used in assessing the ability and willingness of the customer to pay!<\/span><\/li>\n<\/ol>\n

    \u00a0<\/span>The identity of the customer; type of business; registration details; and contact details are very important. Are you aware of what information can be checked for tell-tale signs of company identity fraud?<\/p>\n

    \u00a0<\/span>Is the banking information up to date? This is the tool in requesting a bank code so you can determine how the customer has been conducting his business bank account. Do you have trade references on hand in order to determine the ability and willingness of the customer to pay his creditors?<\/p>\n

    \u00a0<\/span>Does your Credit Application Form conform to the National Credit Act and the new Consumer Protection Act, is your new client in Business Rescue?<\/p>\n

    \u00a0<\/span>Any credit grantor encountering the legal fraternity can testify to the difficulties created by the lack of a solid Credit Agreement. It is the first step in the legal process where legal costs and time frames can be increased unnecessarily.<\/p>\n

    \u00a0<\/span>If you require any assistance with creating or reviewing your credit application form, please mail us at info@debtsource.co.za<\/span>\u00a0or contact us on +27-11-348-7000.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

    Credit or the Latin word CREDERE means to be accredited or trust worthy! It requires trust in all its forms to extend credit terms to a customer. Ronald Reagan was once quoted saying \u201cTrust, but verify\u201d. Credit is based on trust! \u00a0On entering the business world in the early 1980\u2019s the Credit Application form was …<\/p>\n

    Is it time to review your Credit Application Form?<\/span> Read More »<\/a><\/p>\n","protected":false},"author":2,"featured_media":281,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"yoast_head":"\nIs it time to review your Credit Application Form? – Debtsource<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.debtsource.co.za\/2015\/04\/is-it-time-to-review-your-credit-application-form\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is it time to review your Credit Application Form? – Debtsource\" \/>\n<meta property=\"og:description\" content=\"Credit or the Latin word CREDERE means to be accredited or trust worthy! 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