Industry Credit Groups are an important part of Business Credit for many
credit professionals. The groups allow Credit Managers within the same industry to meet,
discuss issues and to exchange experience on mutual customers.
There are 3 general ways of
exchanging information:
Manual - All information is disseminated by voice or in writing.
Generally all information is obtained during meetings held every few months.
The only information the host has is the information provided for the
last meeting. Computer - The members forward information onto a central computer.
That information is accessible by using a PC and a modem to connect to the server. If the
computer is in Houston and the member is in Los Angeles, the member must make a long
distance call to access the database.
Internet - The members forward information to a database on an
internet server. Members can access the database from anywhere in the world, making it easy to hold virtual meetings and to expand
the services available to its members. All information is maintained in the database so that a history of each customer can be
displayed.
Some of the services available to
members of Industry Credit Groups are:
Meetings. Meetings where trade information is exchanged on mutual
customers.
Education. Many groups invite speakers or hold educational meetings.
Interaction. One of the most important aspects of a group is the
chance to meet your peers within the industry.
Credit Alerts. Many groups encourage its members to pass out Credit
Alerts on customers between the meetings.
Trade Experience. Internet
Industry Credit Groups are best suited to exchange trade experience
between meetings.
Credit Reports. Credit Groups
that maintain all information on a computer database can build up enough
trade experience to provide a quality credit report.
Trend Analysis. Database programs have greatly improved the ability to
view trends developing by the customers.
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