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The Advantages of Becoming an Active Member in One or More Industry Credit Groups
By Michael C. Dennis, MBA, CBF

Some of the advantages of active membership in an industry credit group include:

  • The security of knowing that a trained representative of the association sponsoring the meeting will attend each meeting and ensure that discussions do not stray into areas such as collusion and restraint of trade.

  • The structure that is provided by the credit association that regularly schedules credit interchange meetings - and requires members of the group to attend a minimum number of these meetings as a condition for continued membership.

  • Access to current information from your peers about mutual customers.

  • Specific information about how a particular customer pays creditors in general, and companies in your industry in particular.

  • Meetings are a forum to vent your concerns and frustrations to peers who understand the problems credit managers face, and who may have suggestions or ideas that you can use back at work.

  • Many industry groups provide educational opportunities during regularly scheduled group meetings. These might include a guest speaker - or be more elaborate such as breakout sessions dedicated to specific topics of interest to credit professionals.

  • Credit groups provide an opportunity to network with your peers, which makes it easier to contact them at a later date to request a credit rating, or to ask for their advice or comments.

  • Most credit groups make time for and actively encourage socialization between members before, during and after the mandatory meeting.

Reprinted with permission from the Covering Credit Newsletter 7/24/02 Edition
© 2001 All Rights Reserved

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