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Credit Management

What services do you or your Credit Manager use to check the credit worthiness of both new and existing customers?

Answers

Topic Expert
Mike Caruana
Title: Director of Financial Services
Company: Diamond Resorts International
(Director of Financial Services, Diamond Resorts International) |

We use traditional credit reports (Experian, Equifax...) for domestic purchasers. We rely heavily on their information even if a customer has an established relationship with us.

Gary Honig
Title: President
Company: Creative Capital Associates Factoring Co..
LinkedIn Profile
(President, Creative Capital Associates Factoring Company) |

Lenders use a variety of methods to track the creditworthiness of clients. If the company is public we use 10-K's and there are specialty services that send out alerts whenever a UCC is filed or a tax lien is issued. None of these resources are the last word, it takes a career of reading between the reports to gain a sense of where credit availability should rest. Ultimately first person payment history is the strongest indicator, but knowing how to be out in front of a downturn event helps in the long run.

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