Welcome to the 1520 Perfect Dictionary

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Credit control
CREDIT CONTROL

Definition: (Finance) A process or group of people in a business that controls how much customers owe the business and how much they are allowed to owe it.
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* All six elements should be in.


1. Purposeful and necessary to have facility or arrangement in place.

2. The steps in process are consistent or persons in group are deemed eligible (= professionally qualified and appropriately suitable).

3. Procedure can be regulated or personnel will be made accountable.
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SERIES: foolproof & watertight.




4. Process will be legal or group reports regularly and appropriately.

5. Process not designed by the operators or persons in the group have no stake (shareholding) or interest (offer) in customers' businesses.

6. Achieves goal(s), without the business suffering an unplanned loss.
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GROUP: up and doing.

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