Credit Application Management

Used from administration to create and process credit applications.

 

 

Company Section:

 

§         Company ID:  If the application is for a Company, enter the unique Company ID assigned by PORTALPRODIGY.

 

§         Company Name:  If a Company ID was entered, PORTALPRODIGY displays the Company Name.

 

§         Main Contact Name:  This is copied from the Contact record and may be changed.

 

§         Federal ID#:  text field for entering a Federal ID value.

 

§         Social Security #:  text field for entering a Social Security value.

 

§         Other ID#:  text field for entering and ID such as a Drivers License, Passport Number, etc.

 

§         Other ID Description:  text field for entering a description of the type of ID used for Other ID.

 

§         Annual Income:  currency field for entering annual income as a dollar amount.  Amounts entered with cents are rounded to nearest dollar amount.

 

Current Address and Previous Address Sections:

 

 

§         Address 1 - enter the street address.

 

§         Address 2 - used when a second line is needed for the street address. 

§         City: enter the address City.

§         Country – defaults to value specified in User Signup Features Management.  List box lists all Countries that have been activated in Countries Feature Management.

§         State/Province – defaults to value specified in User Signup Features Management. If Country is USA, Mexico or Canada, it lists the States/Provinces, for all other countries the list box is replaced with a text box.

§         Zip/Postal Code - enter the address postal Zip code

 

§         Years at Current/Previous Address - enter the years the person lived at this address as integer value.  Decimals are rounded to nearest whole number.

 

Bank Account 1 and Bank Account 2 Sections:

 

These two sections are for providing account information for deposit accounts such as checking or money markets.

 

 

§         Copy from Bank Account1 – this is a time saver that copies field values from Bank Account1 section.  Often a person will have two or more accounts with the same Bank.

 

§         Type – used to select a pre-defined value from list.  Bank Account Types are defined using Bank Account Type Management.  Example values may include Checking, Savings, Money Market, etc.

 

§         Contact Name – enter the contact persons name at the bank.  Both first and last name are entered into this field.

 

§         Company Name – enter the name of the bank.

 

§         Address 1 - enter the Banks mailing street address.

 

§         Address 2 - used when a second line is needed for the street address. 

§         City - enter the mailing address City.

§         Country – defaults to value specified in User Signup Features Management.  List box lists all Countries that have been activated in Countries Feature Management.

§         State/Province – defaults to value specified in User Signup Features Management. If Country is USA, Mexico or Canada, it lists the States/Provinces, for all other countries the list box is replaced with a text box.

§         Zip/Postal Code - enter the mailing address postal Zip code

 

§         Phone & Ext. – enter the Bank Contact person’s phone number and phone extension.

 

§         Account # - enter the account number of the account.

 

§         Current Balance – enter the current dollar amount in this account.

 

§         High Balance – enter the highest dollar amount for this account.

 

§         Verified – Yes and No radio buttons used to track account verification process.  Default to No.  Once the account has been verified to exist, set to Yes.

 

§         Credit Rating – used to select a predefined value from list.  Values are defined using  Credit Rating Management.  Example values may include Paid as Agreed, Late Payments, Frequently Late, In Default.

 

§         Comments – used to enter textual comments about the accounts history, status and credit rating.

 

Credit Reference 1-3 Sections:

 

These three sections are for providing information about borrowings. 

 

 

§         Type – used to select a pre-defined value from list.  Credit Types are defined using Credit Type Management.  Example values may include Credit Card, Mortgage, Unsecured Loan, etc.

 

§         Contact Name – enter the contact persons name at the credit institution.  Both first and last name are entered into this field.

 

§         Company Name – enter the name of the credit institution.

 

§         Address 1 - enter the credit institution’s mailing street address.

 

§         Address 2 - used when a second line is needed for the street address. 

§         City - enter the mailing address City.

§         Country – defaults to value specified in User Signup Features Management.  List box lists all Countries that have been activated in Countries Feature Management.

§         State/Province – defaults to value specified in User Signup Features Management. If Country is USA, Mexico or Canada, it lists the States/Provinces, for all other countries the list box is replaced with a text box.

§         Zip/Postal Code - enter the mailing address postal Zip code.

 

§         Phone & Ext. – enter the credit institution’s Contact person’s phone number and phone extension.

 

§         Account # - enter the account number of the account.

 

§         Current Balance – enter the current dollar amount owed for this account.

 

§         High Balance – enter the historical highest dollar amount owed for this account.

 

§         Verified – Yes and No radio buttons used to track account verification process.  Default to No.  Once the account has been verified to exist, set to Yes.

 

§         Credit Rating – used to select a predefined value from list.  Values are defined using  Credit Rating Management.  Example values may include Paid as Agreed, Late Payments, Frequently Late, In Default.

 

§         Comments – used to enter textual comments about the accounts history, status and credit rating.

 

Administration Section:

 

Used as part of the approval process to capture notes and record outcome.

 

 

§         Other Credit History/Information – enter additional accounts and credit information here.

 

§         Comments – enter comments about credit verification here.

 

§         Is this a request for an increase in Credit Limit? – set to Yes when the customer already has credit and is asking for an increase in the amount; otherwise leave set to No.

 

§         Credit Status – the following fields are used to track the status of the credit application and to trigger record updates:

 

o       Pending – PORTALPRODIGY assigns this value when the application is submitted by the customer/visitor or when it is created by an Administrator. 

 

o       Approved – when this value is selected, PORTALPRODIGY updates the applicants account record assigning them the Terms and Credit Limit specified below.

 

o       Declined – select this value when the application is disapproved.

 

o       Not Completed – PORTALPRODIGY assigns this value when the customer/visitor has not completed their application.  I.e. They have saved it but not submitted it as completed.

 

§         Credit Terms – used to assign credit terms.  Select one of the pre-defined Credit Terms.  Credit terms are defined using Credit Terms Management. 

 

§         Credit Limit – enter the credit limit dollar amount.  This amount is copied to the customer’s account when the application is approved.

 

Record Section:

 

 

§         Credit AppID – the unique record ID assigned by PORTALPRODIGY.

§         Created By – the name of the user that created the record and the date it was created.  Lists user’s first name followed by last name.

§         Modified By – the name of the user that last modified the record and the date it was last modified.  Lists user’s first name followed by last name.

§         Active – by default this value is set to “Yes”, which means the record is active and available for use.  To deactivate a record, set it to “No”.   Deactivating a record is a logical form of deletion.  It is used to remove the record from future use, yet maintain the relationship with existing data.  Reports by default only include active records; however, there is a reporting option that allows inclusion of deactivated records.