Business stability and viability is not static ---ALL things change!
The sooner your Credit Manager can identify changes the better prepared you are to take appropriate action therefore a regular schedule where ALL customers are required to update their credit application is highly recommended. This is also the one of the best and most cost-effective ways to identify credit risks before they become profit drains.
PICB recommends that credit applications should be renewed annually which includes a re-statement of your terms and conditions.
To help the process PICB has prepared a simple letter that can be sent to your customers along with your blank application, just click on the below link and download this to your computer, then you may make any changes you deem necessary.
Remember, the application is not where it ends - Once done, if there are changes the facts should be reviewed again as well -- PICB's provides a discount for CRA -Rechecks.
Download Credit Application Renewal Notice