In most cases, credit mangers within an industry typically meet monthly to discuss credit reports and high exposure credit accounts. Breakfast and lunch meetings are generally held at a restaurant or hotel with a private meeting room and each credit manager will request five credit reports in advance, to discuss. All the names requested are assembled in to a "credit book" that is presented to each member attending the meeting. The credit book is discussed by all the attending members and additional details are shared regarding payment trends, commitments made, NSF checks and many other valuable topics that can't be easily placed on a credit report.
The NACM Certified Group Monitor is in attendance for the entire meeting and keeps the group in compliance with all federal rules and regulations. Additionally, an Anti-Trust Statement is provided to each member in attendance and also read aloud at the beginning of each meeting.
Credit professional have long known that participating in industry credit croup meetings is the key to success and growth in the credit profession.
Besides discussing accounts, you get the chance to learn about changes in the law, gain experience from others, and most importantly, how to avoid the mistakes of others. For more information on our industry and trade associations, contact us today.