What do you know about credit control?

Question

Accepted Answer

Credit control refers to the process of managing and monitoring the credit given to customers to ensure timely payment and minimize bad debts.

Credit control involves assessing the creditworthiness of customers before extending credit
It includes setting credit limits and terms for customers
Monitoring and reviewing customer accounts to ensure timely payment
Taking appropriate actions for overdue payments, such as sending reminders or initiating legal proceedings
Maintaining accurate records of credit transactions and customer interactions
Working closely with sales and customer service teams to resolve any credit-related issues
Examples: contacting customers to remind them of overdue payments, negotiating payment plans, analyzing credit reports

Accepted Answer

I know the basic structure. It is divided into 3 parts. One is to enter the data in the records regarding the payment received by the broker of a premium. Another part is reconciliation of accounts and the last part is to take care of overdues of client and send mails when they exceed the time limit to pay the amount.

What do you know about credit control?

Top HR questions asked in Axa XL Credit Control Associate