Documenting Credit Inquiries

Hi,
When a small business owner or individual shops for financing, these are some important points to consider for every phone call to financial institutions:
1) Write down the full name, phone number and extension of the individual with whom you communicated.
2) Write down everything related to the particular financing that is being inquired about.
3) If applicable, inquire about the cost of insurance and service agreements.
4) If the purchase is subject to warranty, write down the specifics of the warranty. This will allow you to compare warranties among financial institutions and/or manufacturers.
5) Request that the individual email you a copy of your conversation.
By writing down all communication with financial entities, it will enable a more expeditious and prudent decision to be made. It will eliminate the unscrupulous salesperson, who does not disclose the full terms and conditions of various financial instruments until the customer is ready to close the document, to railroad you into signing for financing you don't feel comfortable about.
It is a good idea at the close of all conversations to reiterate what has been written down in order to prevent future misunderstandings.
Tomorrow I'm going to write about documenting collection calls.
Until then,
Alan