Credit Risk Control Best Practices refer to a set of procedures and strategies that businesses use to manage their credit risk effectively. It includes processes like credit assessment, credit monitoring, credit limits, and credit policies that help businesses make informed decisions about extending credit to their customers. Some of the best practices for business credit management include establishing credit policies and procedures, regularly monitoring customer creditworthiness, creating a credit application process, setting clear credit terms and limits, and implementing a system for timely collection of overdue payments. By following these best practices, businesses can minimize the risk of bad debt and maintain healthy cash flow.
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