Credit is a privilege granted by a creditor to a customer to defer the payment of a debt, to incur debt and defer its payment, or to purchase goods or services and defer payment. This learning module will present a Brief History of Credit; the Primary Reasons to Offer Credit; Modern Credit; the Credit Process; Types of Credit; the Federal Reserve and the U.S. Payment System; the Federal Deposit Insurance Corporation; and Check Processing. After successful completion of this module the student should understand the historical development of credit; the primary reasons credit is offered; the important elements of credit; the credit process and where credit fits into a business cycle; the different types of credit; and the Federal Reserve System and its impact on the economy.
George A. Schnupp, CCE, is the U.S. Director of Credit at Anixter Inc. With 30 years of experience in the credit field, he has implemented various data base management tools to improve credit processes, eliminating numerous routine repetitive tasks performed by credit personnel. George has taught Principles of Business Credit, Basic Financial Accounting, Financial Statement Analysis I, Financial Statements Analysis: Interpretation and Credit Risk Assessment and Essentials of Finance. He is a graduate of the NACM Graduate School of Credit & Financial Management. He has authored the course material for the CCE Prep Course that is offered at Credit Congress. He is also a core contributor to the “Principles of Business Credit” book used in the Credit Administration Program.