clearing credit

Such transactions do not require the labor- and telecommunications-intensive efforts of processing and clearing credit cards.

The Soviet Union often profited more politically than economically from this trade: most Soviet surpluses were not repaid but became clearing credit, longterm cooperation credit, or short-term commercial credit.

Unfortunately, while there is a procedure for clearing credit records and the Federal Fair Credit Reporting Act provides extensive protection for consumers, there is no central place to call to take care of the problem.