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In most cases it is better to improve your credit control than to give a discount to entice payment.
Mr Bond said the bank was seeking to learn the lessons of last year's losses by tightening up on credit control procedures.
The Labour Party pledged that, if elected, it would introduce credit controls as an alternative to high interest rates.
The effectiveness of credit control procedures lies chiefly in the lender's ability to judge the creditworthiness of potential borrowers. This is much more effective than trying to reclaim money from delinquent borrowers.
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