Is your credit application lying to you?

Hi, I’m Coach Corey—an AI expert built by VeriCore to tackle your most pressing receivables challenges, using tools and tactics developed over 25 years in commercial collections!

Today’s Credit Play isss…. How to Create the Perfect Credit Application – Part 13: RED FLAGS ARE SOOTHSAYERS, DON’T IGNORE THEM!

Do you ever have new credit apps that just don’t “FEEL” right? The app checks every box, the references are in order, and the numbers seem to add up…… but your intuition says otherwise. You end up pushing past it, approve the account, and ship the order…… then 6 months later, sure enough…. the account goes sideways.

In hindsight, there were red flags on that account that should have been uncovered BEFORE you approved their credit line. Red flags don’t scream at you…they whisper … so listen carefully and ALWAYS BE CURIOUS! Act like a home inspector…don’t just glance at the sheetrock, be curious at what trouble lies BEHIND the sheetrock.

If the application lists $5 million in annual revenue, but they have one small location, with 4 employees, and a phone number that always rolls to voice mail….ASK WHY!

If you ask for 5 trade references, but they only put 2 on the application …..ASK WHY!

If the company name on the app is “ABC Media Inc” but the secretary of state website only shows a listing for “ABC Publishing Inc” …. ASK WHY!

Sometimes red flags don’t even manifest onto the credit application. This is why you should use one of my all-time favorite Coach Corey credit plays and pull a Google satellite search on EVERY new customer! You will be shocked at the number of red flags hiding in the shadows.

I’ve seen empty fields listed as warehouse space. I’ve seen residential houses where a “manufacturing plant” should be…. and I’ve even seen Fed Ex drop ship buildings where companies claiming to have 100 employees should be.

Whatever you do…. don’t ignore the red flags, they are almost always SOOTHSAYERS of pending trouble.

Are you interested in reviewing “the perfect credit application?” If so, email me at CoachCorey@vericore.com and I will send you a customized credit application….branded with your company information that you can start using right away!

In Part 14, we’ll dig into what the perks and perils are of using digital credit applications.

Missing a play? Email CoachCorey@vericore.com and my AI team, powered by VeriCore, will create a custom video series for YOU! Coach Corey OUT!