The Council and Mike Meyers from ABC-Amega recently presented an overview of its Credit Interchange Division (CID), a business intelligence service that helps Member Companies reduce financial risk with credit and payment data exclusive for the oil and gas industry.
“One important aspect of the service is the network of people who participate,” said Council Senior Director Programs & Events Peggy Helfert. “Being able to pick up the phone or send an email to talk with each other about what’s going on has proved to be extremely valuable to our members over the years.”
The CID has operated as a cooperative venture since 1955 to provide confidential credit and payment data on its business partners. The database includes ledger entries on tens of thousands of customers, prospects and suppliers. The up-to-date information helps participants determine creditworthiness and potential risks before entering a business relationship.
The service, which includes access to a deep network of experienced credit experts from across the industry, is available to any member company that maintains a credit department.
“We’re gathering information on customers and providing back credit reports and credit information,” Meyers said. “A second ability is what we call a ‘quick warning’ system where participants can push out a message about a significant event that has happened to a customer. Subscribers get a warning by the next day about the situation, whether it’s a bounced check or an organization going bankrupt.”
During the webinar, Meyers provided step-by-step examples of the types of information captured in the database, as well as how to pull information as needed.
For additional information on joining CID, contact Senior Director Programs & Events Peggy Helfert.
Kevin Broom, Director Communications and Research, writes about the Council’s sector-specific best practices and leadership. Click here to subscribe to the Council’s newsletter, which highlights industry practices, workforce development, Council activities and more.