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Commonly Asked Questions about Personal credit Application Forms

The key goal of a credit application is to assist the seller in learning as much as possible about the applicant before making a decision to extend credit. The credit application is often considered to be the cornerstone of the customers file. Credit Applications nacm.org pdfs PrinciplesCh9v3 nacm.org pdfs PrinciplesCh9v3
A Credit Application Form serves to expedite the process of choosing whether to give credit and setting the credit limit. The credit application collects vital information for evaluation and can also be used in court as proof of the conditions of the sale and credit I loan application.
Many companies ask us whether electronic signatures on credit applications constitute a legally binding contract between the company extending the credit and the customer looking for credit terms. The short answer is yes, electronic signatures on digital credit applications are legally binding.