Tell us about credit procedure?

Question

Accepted Answer

Credit procedure involves the process of assessing and granting credit to customers based on their creditworthiness.

Credit procedure involves evaluating the creditworthiness of customers.
It includes assessing factors such as credit history, financial stability, and payment behavior.
The procedure may involve obtaining credit reports, analyzing financial statements, and conducting credit checks.
Based on the evaluation, credit limits and terms are determined for customers.
Monitoring and reviewing credit accounts regularly is part of the procedure to ensure timely payments and minimize risks.
In case of late or non-payment, appropriate actions like sending reminders, imposing penalties, or initiating legal proceedings may be taken.

Accepted Answer

A way of buying goods or services and not paying for them until later.

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