What are the objectives of a credit policy?

What are the objectives of a credit policy?
Five (5) objectives of a credit policy are listed as follows:
* To ensure consistency in the processes and procedures used to manage all credit aspects of an organization

* To ensure that the expectations of the management of an organization and the credit department are aligned and met consistently

* To ensure that all customers are treated fairly when making credit decisions

* To provide for succession management and training if credit personnel leave the business

* To evaluate credit decision making and adjust as circumstances warrant