Central Mercantile
Credit Services
Industry Credit Groups
CMCS serves as an organizer and secretary to Industry Credit Groups, the purpose
of which is to foster communication between credit professionals within
specific industry groups.
Industry Credit Groups organized by CMCS
In general the scope and purpose of these groups is as follows:
- Compile,
distribute and discuss at monthly meetings factual customer account history
submitted by members of the group.
- To provide an attorney at each meeting to consult on general legal aspects
of credit and collection issues which are industry specific.
- To keep group members informed of their industry's specific trends and
developments pertaining to credit and collections.
- To Provide an electronic bulletin board system, which allows group members
to input and review monthly account histories and access account information
on any customer which as previously been submitted by any group member.
- To promote networking among industry peers.
Groups meet, usually in a luncheon forum, on a regularly scheduled basis,
most often monthly, but in some cases quarterly. Aside from discussion of
factual account histories and status, subjects of interest to the credit
profession in general are often presented in a brief segment of the agenda
and left open for discussion and interpretation as interest and time allow.
Frequently asked questions about
industry credit group meetings.
How does a credit group work?
Why should I join a credit group?
What if there is no group for my industry?
Is a credit group legal?
How current is the information?
Why CMCS?
How costly is membership?
How can I join a credit group?
How does a credit group work?
Credit groups are formed by credit grantors in order to exchange credit
information on mutual customers. By a candid confidential exchange of
information between credit professionals you can eliminate credit shopping
and head off delinquent and bad debt accounts before they are established.
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Why should I join a credit group?
There is a three pronged benefit to group membership. Up to date
information on current or prospective accounts, current information on topics
of interest in your profession and the opportunity to network with your peers
in the credit profession on a regular basis.
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What if there is no group for my industry?
If we do not have a credit group in your industry we can work with you to
contact others in your industry to set up an exploratory meeting to see if a
group can be established. Some of the largest and most successful groups in
the country were formed at the request of one credit manager who could see
the need for a group.
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Is a credit group legal?
Credit groups are absolutely legal, however, in addition to experienced
CMCS staff to organize and establish the groups CMCS always has an attorney
on hand to monitor and advise in relation to any issues of antitrust. This is
a benefit which is generally not provided by other group managers in the
industry.
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How current is the information?
Information is updated instantly as received. One of the many benefits of
electronic submission of account information is automatic updating. However,
for those who submit information manually, CMCS will update the data base
within a few hours of receipt of the information.
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Why CMCS?
CMCS provides: experienced personnel in attendance at all meetings, an
attorney to monitor the meetings and advise relative to legal issues,
electronic and manual account updating. CMCS also handles scheduling,
organizing of meetings and publishes a compilation report monthly.
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How costly is membership?
At present the average annual fee for our groups is $600.00. There are no
extras, except for luncheon and refreshment expenses at the monthly meetings.
These annual fees are reviewed from time to time and may vary dependent upon
the services desired by the group.
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How can I join a credit group?
A Credit Group can be established for nearly every commercial product or
service area. If you would like to learn how you can join an existing group
or form a new one, just fill out the brief information form below and a CMCS
representative will contact you to discuss your request.
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