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I try to as much as I can.
Yes. One must do that. It helps in credit rating, customers need assessment and acertaning the level of attention to be provided.
I think its important to do a background check on clients before you pitch them so you can be prepared. By doing a background check, you have more idea on the client and their background.
Its depends on what kind of product you have...
Eg: If it is a Bank product like Credit card, you must verify the customer details..