Industry Credit Groups permit credit professionals of different companies servicing the same customer, regardless of industry or trade, to compare information on collection history and provide a forum for the exchange of data as to the most recent payment practices. The purpose of exchanging information is to help group members segregate fiction from fact, so individually competent and realistic credit decisions about a customer can be made.
Credit groups are an effective management tool
Each month, participating members contribute up to five companies for discussion. Group members then provide input regarding their A/R experiences with those companies. From this information, a credit report booklet is then compiled for all those who have contributed accounts receivable information for the current month.
This collaborative effort results in the reduction of outstanding delinquent receivables and write-offs. Members obtain critical input, and garner networking opportunities are of immeasurable benefit.
Benefits of Industry Credit Groups:
Provide unparalleled networking opportunities.
Exchange credit information on common customers.
Provide a forum to discuss the latest developments on credit department procedures, equipment, and other credit management functions.
Support the discussion of account information and delinquent account reports.
Adhere to federal antitrust guidelines.