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Patterns within customer’s behaviours can change frequently.
A missed payment, for some cases, may be the result of a technical glitch, or genuine mistake for some – whilst for others it can be one of the first signs of financial strain.
As time evolves, so does a customer’s needs and situation. As seen in Joe’s story, circumstances change – marriage, kids, employment – various daily factors and evolving milestones of life.
Extending credit borrowing to some can be beneficial in providing profit at a low risk. For others, you may want to consider reducing their exposure as the risk would outbalance the profit.