Usually groups meet once a month. Prior to the meeting a request for names for discussion is circulated and each member has an opportunity to inquire on particular accounts of interest. Reasons for submission could be recent slowness, broken promises or simply higher than normal exposure which prompts a review of the customer. Once the entire list is complete, every creditor will report their aging information on all of the companies that have been inquire on. Some companies will manually input the information on our website however most supply a monthly download of their receivables and the customer aging data will automatically be populated.
At the meeting, a report is furnished for each customer and is discussed individually at the meeting.
Once the entire package is reviewed a round table discussion is started where recent addition company discussion takes place or at times a brain storming session on problems that the credit manager has experienced and possible solutions from his/her peers are presented.
What are the risks of meeting with my competitors?As long as the rules are followed, there is minimal risk. A representative of Sterling Credit Group attends each meeting. The role of the representative is to insure that the competition act is followed and to bear witness to this by being an independent third party with no vested stake in the companies discussed. If necessary the representative will stop inappropriate conversation and if it persists will end the meeting. Prior to every meeting members must sign a Competition Act Compliance Statement.
