Credit control is a system used by organizations to ensure their outstanding debts are paid within a reasonable period, involving the establishment of a credit policy, assessment of clients' credit rating, and the management of overdue accounts.
A late charge is a fee charged by a lender when the borrower fails to make a timely payment on their loan or credit account.
A Revolving Charge Account is a type of credit account that allows for continuous borrowing as long as the account stays within the credit limit and minimum payments are made. It is commonly used in credit cards and lines of credit.
