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If you have large customer concentrations or if you are worried about the creditworthiness of one specific customer, CIT's select customer credit protection can help.
With select customer credit protection, CIT guarantees the creditworthiness of one or more of your customers. The customer may be reorganizing or in a turnaround situation. It may be in Chapter 11, or it simply may pose a large credit exposure that is beyond your comfort level. With select customer credit protection, you are protected in the event that the customer is financially unable to pay; CIT will assume responsibility and pay you the full amount due.
Below are some frequently asked questions about this service. If you have additional questions or if you would like to discuss how you can put this powerful service to work for your company, e-mail us or call us at (800) 248-3240. We look forward to working with you.
Frequently Asked Questions
When can companies take advantage of this service?
Specific examples of when companies use this service.
What if I currently borrow against my accounts receivable?
Is this service right for my company?
Want to learn more?
Want a free price quote?
How can I apply?
When can companies take advantage of this service?
This risk management tool is used by manufacturers and importers who are worried about the creditworthiness of one or more of their customers but do not want or need the full range of services provided by factoring or credit insurance. With CIT's select customer credit protection, you will have confidence that you will get paid on all approved orders.
Below are a few examples of how companies can use CIT's select customer credit protection:
Customer concentrations
Companies with sizable customer concentrations have the potential for significant losses when one of their customers has financial difficulty. With CIT's credit protection, you can continue to ship without the fear of taking a major credit loss.
Customers in turmoil
Credit departments may not want to underwrite the credit risk associated with shipping to a new customer with highly publicized financial difficulties. CIT's credit protection will put their concerns at ease so you can close the sale without delay.
Enhance borrowing base
When a customer enters bankruptcy, many lenders refuse to lend against accounts receivable due from that customer. With CIT's Select Customer Credit Protection, you may be able to enhance your borrowing base because your lender will have increased confidence in your accounts receivable collateral if it is guaranteed by CIT.
Alternative to credit insurance
Companies that usually turn to credit insurance may find that customers in bankruptcy proceedings or with high-profile credit difficulties are uninsurable. CIT's credit protection can provide the protection you are looking for.
What if I currently borrow against my accounts receivable?
It is a benefit to have CIT's credit protection on your accounts receivable. Since many lenders refuse to lend against accounts receivable due from a company in bankruptcy, CIT can work with you and your lender to make these receivables eligible.
Is Select Customer Credit Protection right for your company? Take this test!
If you answered "yes" to any of these questions, you should talk to CIT!
Want to learn more?
For more information about how you can put the resources of CIT to work for your company, call (800) 248-3240 or e-mail us. We look forward to working with you.
Want a free price quote?
Fill out our pre-application for a free price quote. Put the resources of CIT to work for your company today.
Apply now!
Click here to apply for CIT's select customer credit guarantee and put the resources of CIT to work for you. | 
