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Why Credit Management Is
Important For Businesses
• Get all the information you can on the customer
o When a potential new client approaches a company with a request, the
very first step one should take is researching their background as much as
possible. This does not only mean a swift Google search, but thorough
online research using social media and other tools. Some businesses even
go as far as to ask for job-related contacts or a guarantor to make sure
they do not end up losing more than they are gaining. Depending on
what service/product the potential customer wants to access, it might be
a good idea to set up an in person meeting to discuss details and get a
better grip of their personality.
• Credit checks are a must
o The second step is mandatory. As a company in a position to provide a
service or a product you want to make sure your back is covered and the
chances to lose revenue are minimal. It is important to know that in
Canada there are two major consumer credit rating bodies: Equifax and
TransUnion.