What is an
Industry Credit Group Meeting?

An Industry Credit Group Meeting where a group of credit managers, from the same industry meet on a monthly schedule and discuss their customers who have been extended credit, that are being considered for the extension of credit, or who have gone past credit terms offered.

Normally an industry looks at it’s competitors and keeps all information private. Yet in the commercial credit industry it is the opposite practice that makes companies successful. If it were not for the sharing of credit information between credit managers, many companies would see large accounts receivable losses because they would not be able to reduce the risk of fraud or bad debt in their receivables. Through that sharing of information you can learn about NSF checks, bad debt write-offs, and fraud prevention measures before they hit you.

However, sharing of information between companies needs to be monitored. Only certain types of information can be shared and that’s where SACM can help. We monitor, prepare, and administer industry group credit meetings. Although most credit meetings are structured similarly they are also tailored to meet specific industry and group needs. The typical monthly meeting would include:

• Each group member requests five (5) company names to discuss weeks before the meeting date.
• Member submits additional information to discuss, NSF, Bad Debt, Collection account placed, etc.
• A list is assembled with all the names and the meeting agenda is distributed out to all the group members.
• Each member returns the agenda to SACM with their accounts receivable information, comments (from an approved comment list). Many members submit their aging information on a monthly basis and this step is skipped.
• SACM adds the information in to our national credit reporting database.
• Additional steps are taken to verify corporate information, public records, etc.
• Finally a credit group meeting book is prepared for the members.

The credit reports we prepare for meetings are similar to our national credit report, but additional information and research has been done for the group books. During the meeting individual details are usually discussed on each account. An SACM Group monitor starts off each meeting by reading to the members a statement of what can and cannot be discussed during the group meeting. The group monitor is present during the entire meeting and will take notes as well as caution members if topics come up that cannot be discussed.

There are many variations that go along with this group structure. We have credit groups that are National, Local, and Regional; most meet face to face monthly over lunch, and few prefer to meet via teleconference. SACM hosts over 40 group meetings monthly!

For additional details on how we can serve your industry’s specific needs in setting up group credit meetings, email Felicia Woolfolk or call (800) 393-6226 ext 104