Credentials are critical in the professional world as a means to verify competency. After all, you wouldn’t go to an attorney, doctor or accountant who didn’t meet professional standards. Same goes for your equipment financing lender.
One of the easiest ways to determine whether you’re dealing with a professional lender is by checking if he or she is a Certified Lease and Finance Professional (CLFP). CLFPs must pass various tests and meet strict professional and ethical requirements to become officially certified, making them more reliable partners than non-certified lenders.
If you want to work with a finance professional who has gone the extra mile to earn a designation, then you should seek out a CLFP. High standards required to use that title ensure that the person or organization that you work with will use their expertise to act in your best interest.
What is a CLFP?
A CLFP is a lease and/or finance professional that has attained this qualification by demonstrating their knowledge, professionalism and ethical practices. As a whole, the CLFP organization aims to improve the equipment financing industry by improving companies’ and individuals’ conduct and expertise.
This certification intends to promote professionalism, transparency, and ethical practices in an industry. CLFPs aim to enhance the finance industry’s standing by promoting high ethical standards, continuing education and fair practices.
Who Qualifies as a CLFP?
To become a CLFP, you must undergo an extensive application process that includes various tests and background checks. To even be eligible to become a CLFP, you must have a clean background that is free of criminal charges, official sanctions or license revocations. Then, if you meet those prerequisites, you must then pass an exam that tests your knowledge of relevant subjects, including leasing law, accounting, collections and asset management.
If you pass the test to become a CLFP, you must then pledge to abide by the organization’s Standards of Professional Conduct, which promotes honesty and integrity in doing business. Members must also renew their status annually, and in order to do so, they must continue to meet all of the CLFP’s standards and participate in continuing education.
The Benefits of Working with a CLFP
Simply put, CLFPs are the best of the best in the world of equipment financing. They must be able to demonstrate extensive knowledge of the field, and also, they must prove that they have never been involved in any questionable transactions.
The largest benefit of working with a CLFP, however, is simple peace of mind. When you work with a CLFP like those here at Global Financial & Leasing Services, you know that your lender is competent and has your best interest in mind. Just as you would look for any other certified professional, you should also seek a Certified Lease and Finance Professional to finance your business equipment.