Extending Credit in Agriculture

Jul 11, 2017

Posted by & filed under Credit.

Getting to know your customer is one of the first steps to take when looking to extend credit or evaluate the risk of forming a new credit relationship. LexisNexis Risk Solutions is trying to make the initial phase easier for financial intuitions with two products: Business InstantID 2.0 and the Small Business Credit Score. These products are built to help lenders assess credit risk for small businesses with little to no credit history. Not having a credit history “makes it a challenge for financial institutions to use traditional methods to assess the credit risk in these millions of thin-or no-file businesses,” according to the news release from the company.

Extending credit is a gamble, especially in the agriculture industry.… Read the rest

President’s Message – 2017 NACM Northwest Foundation Annual Meeting

Jul 11, 2017

Posted by & filed under Business Credit Journal, Foundation, President's Message.

2017 Annual Meeting (FY2016)

The NACM Northwest Foundation held its annual meeting on June 20, 2017, as required by law. Scholarships awarded in 2016 totaled $8,337 and the fund balance ended the year at $49,461. The Foundation recently received IRS approval to incorporate the Spokane based scholarship funds into the Foundation making any future donations a tax advantage to the members. Fund balances will remain segregated for scholarships in their respective areas of service. Financials are available on the website.

Upcoming Foundation Events

September 15: Golf Outing – Coeur d’Alene Resort, Idaho

October 7: BBQ & Bluegrass Event – Langdon Farms, Portland, OR

Retirement on Foundation Board

It was bittersweet news for the Foundation to hear Mike Bena would retire from the Secretary/Treasurer position on the Board.… Read the rest

Congratulations On Your Oregon Judgment! Now What?

Jul 11, 2017

Posted by & filed under Business Credit Journal, Collections.

Often all a creditor wishes for is to get a judgment against a debtor. But be careful what you wish for – that judgment may be worth nothing more than the paper it is on. Often the real work does not begin until after you get your judgment, when the hunt for assets begins.

Hopefully, before your attorney has even filed suit you have discussed the possibility that the debtor is “judgment proof,” meaning the debtor has no money. Once the judgment is obtained, there are ways to locate and go after such judgments. Often a creditor will have information about where a creditor banks or works. This is what collection attorneys consider low-hanging fruit, because it is not difficult to garnish either wages or a bank account.… Read the rest

Member Spotlight – Julie Anderson

Jul 11, 2017

Posted by & filed under Business Credit Journal, Leadership, Member Spotlight.

It is no small endeavor to be recognized and awarded an NACM National award! It takes strong commitment, dedication, encouragement, persistence, and perseverance. Just ask Julie A. Anderson, CBF, CCRA of Stoneway Electric, who was awarded the 2017 CBF Designation of Excellence Award at NACM National Credit Congress in Dallas this past month. We interviewed Julie and asked her to share her experiences with our readers.

  1. Why do you think it’s important to have a certification as a credit manager?

I believe that having the certifications has helped me grow and gain respect and trust from my upper management as well as my co-workers. They see that I am invested in myself and my career and that I am always trying to learn more and keep up with the changes in the credit and finance field.… Read the rest

Standards and Best Practices for the Year 2020

Jul 11, 2017

Posted by & filed under Business Credit Journal.

The financial services industry has become increasingly concerned over payment data quality and the need for financial institutions to know with whom they are engaging and to ensure that transactions conform to a growing body of regulations. The year 2020 promises to be a benchmark year for those engaged in payment processing.

In an effort to comply with recommendation 16 from the Financial Action Task Force, which seeks to set standards for combating money laundering and financing of terrorism, financial messaging service SWIFT is preparing the payments community for standards changes to be put in place by 2020. Recommendation 16 requires that the full name and address be specified for the ordering customer (payer) and beneficiary (payee) for all wire transfers.… Read the rest