Mar 19, 2018
By: Shannon Abnal, NACM Commercial Services
I’ve been coordinating the Data Contribution Program at NACM Commercial Services for over twenty years. That means two things. First, I’m old. And second, I’ve learned a thing or two about data contribution and how to help NACM members participate. Whatever obstacles are stopping your firm from sharing credit experience with the credit community, I’ve probably helped other members face the same challenges before and would welcome the opportunity to help your firm participate.
Here are some of the top questions or concerns I hear from members about data sharing:
Contributing takes a lot of time. Most members find data sharing takes just a few minutes per month once they are set up and running. Yes, there is a small commitment of time in the onset, but it’s generally pretty painless.
My system cannot produce what you need. It probably can. The items we need are pretty basic. Your customers’ names and addresses, how much they owe, and if they are current or past due. The same kinds of things you would need to send out a statement or invoice.
Our aging is not normal. Your aging categories are unique? Your firm struggles with unapplied cash, deductions, or retainage? Your system doesn’t seem to understand what terms mean? You might be surprised to hear that we’ve probably seen it before. And there’s a good chance we have a solution.
My customers will be mad. Your good customers should not be mad. You are actually doing them a favor by building their positive credit history. Delinquent customers may get upset, but maybe they will pay on time if they know you have the ability to impact their credit score.
It costs too much. It doesn’t actually cost a thing. It’s a free service.
Nobody else does it. We have a great rate of contribution at NACM Commercial Services. Over half of our members share their credit experience!
The most important thing I’ve learned over the years about data sharing is there’s no “one-size-fits-all” answer because every firm is unique. We’ve built flexibility into our program and policies so we can adapt to the challenges of our members. I strongly encourage your firm to establish a data sharing program. There is no better way to help the credit community.
And it’s probably easier than you think!
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