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Bob Paul's 4 Keys to Extending Credit
(Scroll down for credit and debt resources)
“Revise your credit policy now to avoid problems associated with extending credit later,” says SCORE counselor Bob Paul. (He was vice president of credit and collections at John Deere for a multi-billion portfolio of loans to businesses and individuals.) Here is a summary of his blog post on 4 keys to extending credit.
1) Avoid extending credit if possible.
2) Develop a credit policy which defines procedures to approve credit and authority levels within your organization.
3) Develop a collection strategy.
4) Be sure that detailed invoices are sent out promptly.
If your business is having credit problems, get advice from a SCORE counselor like Bob Paul (who counsels in Grayslake at the College of Lake County) today.
Credit Scores and Credit Repair
Links
Good credit is essential if you wish to borrow money or establish credit with vendors. You can check and repair yours with contacts below.
FTC on Consumer Credit
FTC Credit Repair: How To Help Yourself
Annual Credit Report
https://www.annualcreditreport.com/cra/index.jsp
MyFico
www.myfico.com
Equifax (800) 685-1111
http://www.equifax.com/
Experian (888) 397-3742
http://www.experian.com/small-business/services.jsp
TransUnion (800) 916-8800
http://www.transunion.com/
National Foundation for Credit Counseling (800) 388-2227
This nonprofit organization refers people in Illinois to:
http://www.nfcc.org/
Money Management International (866) 889-9347
http://www.moneymanagement.org/
You can consult by phone or by appointment in Chicago.
Credit Counseling
Credit Counseling Services (SCORE Association)
Debt Links
Guide on How to Pay Business Debts You Can't Afford
Personal Guarantees: Then A, B and C Pockets for an Entrepreneur's Family Assets
Avoid Bankruptcy with Debt Restructuring
60-Second Guide to Collecting Payment |
Free Advice on Business Credit and Debt
Talk to a Free Volunteer Counselor like Bob Paul about Credit Issues
Sign up for Free Confidential Counseling at a Location Near You
Get SCORE Tips and News by Email
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