In our discussion on credit, we have said that the credit function needs a certain amount of flexibility in its operation. A credit policy however can assure that there is uniformity in the company's dealings and interactions with its customers. What steps or actions can be established to reconcile these divergent views? What is meant by an implied credit policy and under what circumstance can an implied policy be applicable? The key goal of the credit application is to learn as much about the applicant. Why is the most advantageous time to ask for credit information is before credit is granted?