Documenting the credit relationship is a vital part of the preparation for lending. Getting set up properly so that the right policies and procedures are in place can help ensure a good credit relationship with the customer. This learning module presents Preparation, the Credit Policy Manual, Requirements for Credit Decisions and the Credit Agreement. After successful completion of this learning module the student should understand why preparation is important; the importance of a credit policy manual and what should be included in it; the requirements for a credit decision; what a credit agreement is, what goes into it, and who should use one.
Robert S. Bernstein is managing partner of Bernstein Law Firm, P.C. He serves as counsel to commercial landlords, equipment lessors, bankruptcy trustees, creditors' committees, creditors, and reorganizing businesses in proceedings throughout Pennsylvania and the Middle Atlantic States, concentrating in the many facets of bankruptcy and commercial law. Mr. Bernstein writes and lectures for local and national groups on matters of collection, bankruptcy, business law, and professional ethics and, for more than ten years, has been certified as both a creditors' rights and business bankruptcy specialist by the American Board of Certification. Mr. Bernstein earned a BA from the University of Pittsburgh in 1976 and a J.D. from Duquesne University in 1981.