Credit Guarantee, Credit Factoring, Credit Insurance-World Credit Organization

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ICE8000 credit knowledge column
  • 1. "Introduction to ICE8000 Credit Knowledge"
  • 2. "Building an Integrity Unit——ICE8000 Integrity Management"
  • 3. "ICE8000 Credit Investigation, Analysis, Rating"

    • 4.4 Credit guarantee, credit factoring, credit insurance

    4.4.1 Credit Guarantee

    Credit guarantee is a traditional credit service. The World Credit Organization [WCO] has added some innovative elements, applicable standards: "ICE8000 International Credit Standard System Credit Guarantee Standard" (https://www.ice8000.or/gc/135 .htm).

    The main content of the credit guarantee service is: credit institutions provide guarantees for the organization's loans or credit sales contracts after evaluating the organization or requiring the organization to provide counter-guarantee according to the organization's application. If the organization fails to repay according to the loan or credit sales contract, the credit institution shall undertake the repayment obligation according to the guarantee contract.

    The value of credit guarantee service to customers is: to help customers obtain loans, sell goods on credit or other benefits.

    The object of charge for credit guarantee service is generally the guaranteed party.

    4.4.2 Credit factoring

    Credit factoring is a traditional credit service. The World Credit Organization [WCO] has added some innovative elements, applicable standards: "ICE8000 International Credit Standard System Credit Factoring Standards" (https://www.ice8000.or/gc /127.htm). Both credit factoring institutions and the insured can follow or refer to this standard to prevent the risk of dishonesty and reduce subjective disputes while improving work efficiency.

    The service content of credit factoring is mainly: credit institutions or financial institutions acquire all or part of the accounts receivable of the enterprise, and pay the enterprise cash to bear the receipt of accounts receivable and bad debt losses.

    The value of credit factoring service to customers is: bear bad debt losses on behalf of customers.

    The object of payment for credit factoring services is generally the factored party.

    4.4.3 Credit insurance

    Credit insurance is a traditional business combining financial services and credit services. The World Credit Organization [WCO] has added some innovative elements, applicable standards: "ICE8000 International Credit Standard System Credit Insurance Standards" (https://www.ice8000.or/gc/126.htm).

    The service content of credit insurance is mainly: financial institutions underwrite accounts receivable, and in case of bad debts, bear part or all of the losses according to the insurance contract.

    The value of credit insurance services to customers is: bear bad debt losses on behalf of customers.

    The object of charging for credit insurance services is the policyholder, usually the creditor.

    The above content is excerpted from "Introduction to ICE8000 Credit Knowledge" (written by Fang Bangjian, free to use, but please indicate the source)