A: Business Credit Intelligence ~ Powered by NACMNE & NACMCT (BCI) is a highly respected and valued credit information resource and service provider to over 800 companies throughout the Northeast and Canada. Founded in 1897, BCI is independently owned and governed by our member companies, and is affiliated with the National Association of Credit Management (NACM).
BCI provides companies the business credit intelligence needed to support the extension of quality trade credit that maximizes company profitability through increased sales, improved cashflow, and decreased bad debts within an ethical, legal and professional framework.
Companies rely on us to facilitate trade credit exchange between competitors, sponsor industry credit and special interest groups, provide access to commercial and consumer credit reports, perform credit reference checking services, and offer aggressive-yet appropriate collection efforts and recovery services. We assist our clients in selecting “rightsized” tools and solutions to minimize bad credit and appropriately manage credit risk.
Q: What is an Industry Trade Credit Exchange Group?
A: BCI sponsors National and Regional Industry Trade Credit Exchange Groups (Groups) to facilitate the exchange of credit information between companies that share a common customer base, usually within the same industry. These Groups provide credit professionals selling to common customers the opportunity to learn how and who their customers are paying. BCI monitors all information shared through our systems or at group meetings to insure compliance with federal anti-trust laws.
Q: Share Information with My Competitors: Why would I want to do that?
A: By participating in a Group, you streamline the credit evaluation process, saving time and resources while obtaining up-to-date, industry specific reports. More importantly, as a Group member you will learn more about a customer. Often, group members will contact each other to verify experience reported or to share additional, pertinent, historical facts not shown on a credit report. Within a network of trusted professional contacts, you will gain the information you need to assess your customer’s credit worthiness.
Q: How is a Company’s Information Maintained?
A: Our internet based credit reporting systems are available 24/7. Many companies express concern about sharing their “customer list” – no need to worry! Information shared is handled confidentially without reference to your company, and all data is safely secured within our password protected systems.
Q: How can I participate in a Group?
A: First, a company subscribes to BCI by completing the online application and requests consideration for application to one of the many Groups we facilitate. Your company profile will be reviewed against the respective Group admission requirements for acceptance. If BCI does not sponsor a Group that meets your company’s needs, we will start one!
Q: How Does a Group Work?
A: Each group determines an appropriate meeting format,frequency, location and most importantly participation and admission requirements. On a scheduled basis, participants submit customer accounts for which they want updated information. BCI then compiles the trade, public record ,liens, bankruptcies, collections, or other derogatory events in an easy to read booklet of credit reports. Participation in the confidential exchange of credit data provides the group with access to valuable information for evaluating credit risks, thereby minimizing collection issues.
Q: Looking for a “win, win situation”?
A: In addition to managing customer credit risk, a Group truly is the best source for participants to network, exchange views on credit related topics, share best practices and sharpen their credit and collections expertise.