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What are Credit Policies?

What are Credit Policies? Topic: Business plan site internet
June 20, 2019 / By Linsy
Question: I am starting an internet website business do these questions apply to my site? It is a quarterly payment site. Do these apply? • Do you plan to sell on credit? • Do you really need to sell on credit? Is it customary in your industry and expected by your clientele?- • If yes, what policies will you have about who gets credit and how much?- • How will you check the creditworthiness of new applicants?- • What terms will you offer your customers; that is, how much credit and when is payment due? • Will you offer prompt payment discounts? • Do you know what it will cost you to extend credit? Have you built the costs into your prices?- Please help I am a little lost.
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Best Answers: What are Credit Policies?

Kamryn Kamryn | 10 days ago
Answer the first one... It pretty much explains itself, "Are you going to be extending credit to anyone? Or are you going to require payment in full at the time of purchase?" If yes, then you need to read the rest of the questions and decide on an answer for each based on how you intend to run your buisness.
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Kamryn Originally Answered: What are Credit Policies?
Answer the first one... It pretty much explains itself, "Are you going to be extending credit to anyone? Or are you going to require payment in full at the time of purchase?" If yes, then you need to read the rest of the questions and decide on an answer for each based on how you intend to run your buisness.
Kamryn Originally Answered: What are Credit Policies?
When you have an internet website business, you need to collect your money online. That requires a merchant account. To get a merchant account, you need to have good credit. I.e., have a history of paying on time. There are 3 credit offices that have that information.

Haleigh Haleigh
When you have an internet website business, you need to collect your money online. That requires a merchant account. To get a merchant account, you need to have good credit. I.e., have a history of paying on time. There are 3 credit offices that have that information.
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Haleigh Originally Answered: Please help! question about credit/credit cards, credit report, collections agencies etc?
1) The accounts were closed.... because of non-payment. You still owe the balance and the damage is done whether or not you pay off the accounts. 2.) You can try contacting the original creditor - there is a 50/50 chance that they didn't sell your debt to the collection agency but only turned your account over on commission basis. Call and ask... but if they sold you out... then you need to deal with the collection agency. Dealing with a collection agency: Never send them one single red penny unless you have gotten it in writing from them that paying the debt off with money order #..... in the amount of.... equals debt paid in full. They have constant CRS... and might just forget that you already paid it and come after you again. Never use a personal check... or sign anything with your signature. Just type your name on any correspondence. Never sign your name... they have been known to forge signatures and use checking account info. to raid bank accounts. And do yourself a favor... do haggle with them for a settlement amount. They bought your debt for pennies on the dollar and should be happy if you offer to pay 50% of what you originally owed. (They will still make bank... trust me). Get your credit report from each of the 3 bureaus at www.annualcreditreport.com. Here is the bad news... even if you pay off the accounts in full tomorrow, once the delinquency and charge-off has been reported on your credit report it stays there for up to 7 years. Paying it off will add the remark "paid in full" but it won't change the facts and it will not improve your credit score.
Haleigh Originally Answered: Please help! question about credit/credit cards, credit report, collections agencies etc?
1) Nothing positive will show - about the best you can hope for is least negative, and that would be paid and closed. 2) Probably not - if the debt was sold to an agency, the agency owns the debt now and Best Buy has no more interest in it. 3) Once you have paid off the account, wait a month or two and then pull your free credit reports - make sure that the accounts are marked closed, paid. If it doesn't show this, dispute the account through teh credit bureau's (they will verify the accuracy of the report - or in this case the inaccuracy - and fix it). Basically, it will take some time for the negative effects of your problems to begin to subside. Your best bet is to get squarely on yoru feet financially, get some money saved, and about a year after everything is paid off, try to get a credit card - probably from a local department store (they tend to be a little more lenient). Use the card on occasion and pay it off before its due - do this for a while and it will help build your credit score and history back up. After about a year, try for a MasterCard or Visa. If you get one, do the same thing - small purchases you would normally pay cash for, put aside the money and when teh bill comes in, pay it off. Do not close either account (in fact, use them both to make sure they stay open - just keep the purchases small). Eventually, this new history will begin to outweigh your past problems.

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