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Credit control is a critical system of control that prevents the business from becoming illiquid due to improper and un-coordinated issuance of credit to customers. Credit control has a number of sections that include - credit approval, credit limit approval, dispatch approvals as well as collection process.
For example, if you’re approved for a credit card and offered a credit limit of $10,000, you’ll want to make sure that your monthly statement typically stays below $3,000.
The applicant is the person or company who has requested the letter of credit to be issued; this will normally be the buyer. The beneficiary is the person or company who will be paid under the letter of credit; this will normally be the seller (UCP600 Article 2 defines the beneficiary as "the party in whose favour a credit is issued").
An acceptance credit is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with. The bank "accepts" bills of exchange drawn on the bank by the debtor , discounts them and agrees to pay for them when they mature .
4. Pay Down Debt First. Pay down outstanding debt on existing cards before applying for a new credit card. Typically, it’s good to keep outstanding balances below 30% of your credit.
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KYCC or know your customer's customer is a process that identifies a customer's customer activities and nature. This includes the identification of the customer's customers and assessing the risk levels associated with their activities. [5]
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