You may have heard about what you’re about to read in this article before, but trust me, a lot of credit providers still take some credit control systems for granted. And it’s just not your regular lenders who should heed to these wise warnings, even retailers and small businesses.
Buy Before Credit
This isn’t standard practice, but a number of retailers are now in the habit of expecting borrowers to buy regularly before advancing stock on credit. This proves proves that you’re a loyal customer who doesn’t run to the next lender on default.
Credit Ratings Are Important
Credit ratings are the best indication of creditworthiness. As a business, you should start assessing your regular borrowers in terms of how long they take to pay back loans. You can also get these ratings from public or private credit rating agencies.
