Credit is a method of payment in the accounting industry, but it can result in a dispute and possibly litigation if a financial issue arises. The terms of agreement made over the use of credit are important, as both sides, usually the credit issuer and its customer or borrower, must understand what is expected of each party. A credit violation, intentional or otherwise, can lead to potential lawsuits.
Consumers and businesses use credit to make a purchase that will be paid at a later date. Banks and other companies have credit systems in place for clients by providing them with a credit line, many times inform of a credit card, which can be used to make payments that the client will later reimburse to the bank or seller. If the credit card holder fails to make the due payments in the time agreed upon, the credit card company can file a lawsuit against them for violating the terms of service. To prevent such situations and credit damage from occurring, the credit history of clients will often be evaluated before the credit application is accepted.
Credit experts are usually experienced with a wide range of financial services, including banking regulations, bank policies, lender liability, identity theft, financial statements, credit checks, credit score, escrow, embezzlement, savings and loans, securities, mortgages, auditing, financial modeling, contracts, due diligence, and other related areas that may be relevant to credit-related situations.
Credit can be a complicated issue, as there can be a lot of fine details involved with the agreement between each party. ForensisGroup has spent over twenty years recruiting top quality experts, including those with a background in credit and other financial issues. Call us today or Submit An Expert Request Form for the right credit expert witness.