The Credit Application. A completed and signed credit application must be obtained from all new customers, and maintained in the customer’s credit file. This requirement will be satisfied before an account can be opened for regular business from a new customer. This requirement is necessary to establish: • Accurate account set-up • Accurate legal name and legal organization • Accurate invoicing information • Accounts payable contact • Agreement to pay per terms of sale • Authorization to charge for late fees • Authorization to obtain personal credit reports • Authorization to obtain trade & bank references • Authorization for Yellow to recover attorney and collection fees • A favorable location for any legal action required All government entities: a federal, state, county or municipal entity; government funded schools, universities, agencies, and organizations; will complete a Government Credit Application And Acknowledgement Of Terms. New credit applicants coming through the pricing contract process will, also, be required to complete a credit application as part of that process. Large corporations are not exempt from this requirement. If a credit application can not be obtained from a large customer’s corporate headquarters, then the local facility manager’s signature will be accepted on the credit application. When an existing customer changes its name or has a transfer of assets, ownership, or an ownership interest, a new credit application must be obtained. In order to comply with the Fair Credit Reporting Act, if a consumer (personal) credit report of a credit applicant is required by Yellow as a condition of granting credit, the applicant must provide written consent in order for Yellow to obtain and use the report. The requirements contained in Regulation B of the Equal Credit Opportunity Act will pertain to Yellow’s processing of credit applications and the granting of credit. ( The Credit Application is attached to this Executive Summary. )
