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Media Contact: Caroline Zimmerman, Editorial Director, 410-740-5560, carolinez@nacm.org

National Association of Credit Management (NACM) Offers Commercial Credit Reporting Fact Sheet as an Alternative to Misguided Virginia Commercial Credit Legislation

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Free fact sheet aims to help business owners understand the process of business credit reporting and their rights regarding their business' commercial credit report.

Columbia, MD: June 26, 2013—The National Association of Credit Management (NACM) is offering its recently-released "Commercial Credit Reporting: What Every Company Needs to Know" fact sheet as an alternative solution to a problem that Virginia House Bill 2198 (HB 2198) aims, but fails, to address.

Allegations of aggressive sales tactics on the part of certain commercial credit monitoring services in Virginia originally drove the introduction of HB 2198 earlier this year. NACM has opposed the bill since its introduction, believing that the bill's onerous new requirements on commercial credit reporting agencies and providers of commercial credit information would restrict the exchange of this vital type of data between businesses and ultimately make commercial credit reports on Virginia businesses weaker and less useful to trade suppliers hoping to make an accurate credit decision about whether or not to sell to these businesses.

WSJ Follows Up on NACM Response to Commercial Credit Article, Virginia Credit Reporting Bill

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NACM was used as a source in a recent Wall Street Journal article, focusing on allegations of aggressive sales tactics from Dun & Bradstreet Credibility Corp. (DBCC). These allegations were what spurred Virginia Delegate Michael Watson to introduce HB 2198, a bill that NACM is currently hoping to defeat http://www.nacm.org/enews/enews-archive/2476-enews-jun-13-2013.html/#2.

The article was published on the heels of NACM's response to an Associated Press article about commercial credit reports and how they affect a company's ability to get financing.

Complaints and Lawsuit Over CreditBuilder Service, Wall Street Journal, June 20, 2013

NACM Releases Commercial Credit Reporting Fact Sheet to Support National Small Business Week

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Columbia, MD: June 20, 2013—In support of National Small Business Week, the National Association of Credit Management (NACM) released a fact sheet today offering the nation’s small businesses a quick reference document on commercial credit reporting. The free fact sheet, titled “Commercial Credit Reporting: What Every Company Needs to Know,” provides the smallest of the nation’s firms with the information they need to be able to manage their own company’s commercial credit profile.

A number of small companies only rely on the owner’s personal consumer credit to operate the business. They may not be aware of, or know enough about commercial credit and commercial credit reporting to establish and build a strong commercial credit profile, which can help these businesses acquire better bank financing and the crucial goods and services needed from other trade suppliers on an unsecured basis. “NACM hopes the fact sheet will help companies build their credit and support their financial practices,” said NACM President Robin Schauseil, CAE. “It is imperative to eliminate any misconceptions and educate companies about commercial credit and commercial credit reports, especially among small businesses, the drivers of the nation’s economy.”

Seattle Area Professional, Stacy Smythe, Honored As Mentor of the Year by the National Association of Credit Management

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June 13, 2013: Columbia, MD—The National Association of Credit Management (NACM) honored Stacey Smythe, CCE of Kent, Washington as the 2013 NACM Mentor of the Year during the association’s 117th Annual Credit Congress and Exposition, held in Las Vegas, Nevada, May 19-22, 2013. Smythe is a credit manager at Progressive International, a source for a wide range of functional, inventive and fun kitchen gadgets and tools geared to individual tastes and all levels of cooking know-how, also located in Kent.

Smythe is recognized for her contribution to the establishment of a mentor program for those new to the field of credit management for her local Credit and Financial Development Division (CFDD), CFDD Tacoma. She believes that education is a key component of a well-rounded life, both personal and professional. Guided by the belief that continuous learning is a worthy objective to be pursued individually and among peers, she is well known within NACM and CFDD for sharing her well-honed knowledge and wisdom. Empathy and encouragement characterize her approach to helping colleagues move through the credit landscape.

Spokane Credit Professional, Caron Munsen, Receives National Award of Excellence

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June 13, 2013: Columbia, MD—The National Association of Credit Management (NACM) honored Caron, Munsen, CBA of Spokane, Washington with the 2013 CBA Designation of Excellence Award during the association’s 117th Annual Credit Congress and Exposition, held in Las Vegas, Nevada, May 19-22, 2013. Munsen is the credit manager at Haskins Steel Co., Inc., one of the largest Metal Service Centers serving Eastern Washington, Northern Idaho, Western Montana and Northeast Oregon, which is located in Spokane.

While at Haskins, because of her commitment to the value of education in the field of credit management, the importance of having a credit policy and following procedures to perform due diligence on potential and existing customers was recognized and incorporated into their credit department. Munsen was recently highlighted in NACM’s Business Credit magazine in an article discussing her dedication to the project of getting approval at her company to contribute their accounts receivable data to the NACM database. She is proud of the contributions made in that light to the business community.

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