Extending credit to customers or business partners can help boost sales and open doors to new revenue sources. But extending credit also comes with its fair share of risks, especially when the no proper safeguards in place. Creditors get stranded without enough operating capital in regards to the credit law.Consumer Credit LawsExtending credit means that your business will have to comply with various federal and state consumer credit laws. Which regulates many aspects of your business's interactions with customers. Consumer credit laws include rules that regulate how much time you have to respond to any billing mistake claims, as well as
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