“CPR is definitely the best value out there”

“I love Cortera because it really provides me with the tools that I need to effectively do my job as efficiently as possible.”

See how Jacobus Energy one of the nation’s premier petroleum provider has optimized their credit operations with the help of Cortera.

Dave Schier, Credit Manager discusses his success leveraging Cortera’s full suite of offerings including Cortera Pulse, Cortera CPR and Cortera eCredit.

Looking to create a credit department from scratch or upgrade your policies and processes through the use of the latest technology? Then this is the Webinar for you. Brett Wegner, Credit Manager for Kemps outlines his approach to credit management, including developing and implementing policy automation as well as his insight on building a world-class credit organization. This session explores the evolution of the credit management function at Kemps and walks the audience through his approach to utilizing new information sources, new credit policies, new scorecards and embracing the latest technology.

Note: For improved readability, I recommend YouTube’s HD setting as well as full screen.

The Internet and the social web are changing how we communicate, connect, and collaborate—and the way we work in business credit. Hear from commercial credit pro Darrell Horton, Revenue and AR Manager for Shuffle Master, Inc as he explores the dramatic change in credit risk management that has already begun and his latest tips on leveraging the web for better risk management.

Note: For improved readability, I recommend YouTube’s HD setting as well as full screen.

“I’m really excited about the Pulse Product.”
“I love Cortera because it truly is a partnership.”

See how XTRA Lease one of the largest over-the-road trailer rental and leasing companies in North America has optimized their credit operations with the help of Cortera. John Pomilio, Vice President, Customer Financial Services discusses his success leveraging Cortera’s full suite of offerings including Cortera Pulse, Cortera CPR and Cortera eCredit.

In today’s business environment, the only constant is change. Bankruptcies, liens, changes in payment patterns, and financial distress are bombarding your customer base every day. How do you stay on top of your ever changing portfolio? Hear from business credit pro, Len Brown of Ferguson Enterprises as he provides his real world experience and advice for staying on top of thousands of customers in his portfolio. Listen to this webinar for a lively discussion of his tips and tricks for staying ahead and hear how Cortera can help.

Note: For improved readability, I recommend YouTube’s HD setting as well as full screen.

• Click here to view them all.
• Click here to get a demo of Cortera PULSE and spot the upside and downside in your customer portfolio, despite all of this mess.

• Part 1 – China & The Economy, Economist, Chris Kuehl @ Cortera Fresh Perspectives 2010
• Part 2 – Economic Stimulus & the Deficit
• Part 3 – The US Economy: The Big Issues – Unemployment
• Part 4 – The US Economy: Inflation, Interest Rates & Regulation
• Part 5 – The US Economy: Consumer Spending & Housing

I think it is safe to say that we caused the biggest stir at the show. We went through 700 buttons! Not bad considering there were roughly 1000 attendees. But, what was striking was how well received our commentary was among credit professionals. We pointed out what we think is wrong with our industry and what we are doing about it. It’s a pretty simple message – we are building great credit risk products based on the best of traditional products combined with the insights of the community and offering them to the market at the lowest possible prices – even free. Choice and competition is a good thing. Our booth traffic universally agreed with a genuine showing of enthusiasm over our approach and our products. What was even better was that attendees would tour the floor then come back for more with a common theme – “we are not seeing anything like this from anyone else here”. I thought this summed it up the best:

“I have never seen a company listen to what their customers are saying, and then put those suggestions into practice the way Cortera does. It is amazing what their product suite does and how it continues to adapt to the ever changing needs of the credit profession. I would not want to do my job without Cortera.”

- Darrell Horton, Revenue and AR Manager, Shuffle Master, Inc.

All and all it was a great show. The booth was swamped with customers, other vendors and prospects that were universally saying the same thing: “It’s about time.” I have a few more poignant others too, but I can’t exactly quote those here

For example, in London, I spoke to a group of senior credit professionals about how the use of today’s social and web technologies are impacting the business credit profession. I expected (and got) a lively debate. For these types of conversations turned debates, I always start with: Who here, for business, uses Twitter? Facebook? LinkedIn? Hands go up with Twitter being the smallest and LinkedIn being the largest. Then I ask the simple question – who uses business credit reports? Everyone raises their hands. Now, who uses Google AFTER you pull a credit report to get more information about that business? All the hands in the room go up.

After several stories were shared about the how the free search actually revealed better insights, one comment caught me off guard. It was from perhaps the most senior person in the room in terms of industry experience, who shot out this: “Commercial credit bureaus, you are officially on notice – this is all going to be free one day, and we won’t be having this debate. There is going to be a better way. There has to, it’s only a matter of time.”

Back in the states, in New Jersey at a user group, I asked the same series of questions and got the exact same response. This time I’m interrupted by one credit manager with: “Who actually likes their current provider [he named the bureau]? Who thinks the data is up to date or accurate?” The whole room erupts into rants about how unreliable the information is for them. It’s not exactly a good sign when no one has anything good to say about their PAID information providers. This is especially rough to hear when you are one of the credit bureaus.

I then traveled to the Credit Research Foundation in San Diego and every conversation I have goes about the same – credit professionals are tired of the status quo. Over and over I heard from them that they are looking for something new.

I couldn’t agree more. Doing things the way we always have is broken. And it has always been broken. Only 10,000 businesses in the US contribute to commercial credit bureaus, yet there are 25 million businesses in the US – something is wrong with this picture.

We clearly need to do better. And while I think (shameless plug) that Cortera represents a significant step in the right direction. It’s only part of the giant leap we are encouraging the industry – and ourselves — to take in the near future.

Have a story to share about how you use the best of the social and free web in your credit decisions? Startlingly bad data from a high priced credit report? Suggestions on what the future of business credit info? Tell us below.

So what’s new on Cortera.com?

• Cleaner, more user-friendly navigation — a seamless user experience to help you more quickly explore our blog, corporate site and free & paid information websites
• An emphasis on the voice of the customer – real anecdotes, case studies, videos and quotes from those using our products and services to better help you get the most from our offerings
• Quick access to industry and regional trends – Payment and cash flow data covering states, small businesses, and industries

Thank you to all in involved in this effort – especially to our customers that provided invaluable feedback and provide public support for what we are doing to evolve and improve on an industry that, frankly, is long overdue for some innovation. What hasn’t changed is our commitment to fixing what we believe is a broken business credit information market. We’ve heard you loud and clear – you are tired of the old way and ready for a change. We are listening to you—stay tuned for more coming soon.

Have a story to share about Cortera or comment about this blog? Drop us a line or get your voice out there comment below.

Key Benefits of Participation in a Credit Group

Transfer knowledge, new strategies, tips and best practices

• With collections activities up significantly and disputes on the rise credit groups provide the perfect setting for sharing best practices and successful credit, collections and risk management techniques (both new and old)
• Outside experts can also provide unique insights and additional support that are often more expensive to obtain for a single company (many experts will participate at no cost to promote their company or credentials to potential customers in the group). In my case I was invited last week to run a workshop and presented on Collecting in an Economic Downturn
• Attendees often learn from their peers about the latest technology, information, and scoring products

Trade experiences

• Providing your company’s monthly trade experience information to your industry credit group (and all commercial credit bureaus) provides better transparency and has been shown to improve payment behavior
• Submitters often receive additional services such as credit scores, delinquency predictor scores or unique identifier information at no cost in return for providing their A/R experience
• In a live and confidential setting, sharing past facts on your experiences with customers provides unique commentary not found on a generic credit report
• Members benefit from the collective credit investigation capabilities of the entire group and their respective departments
• Benchmarking and industry trends, like those provided by Cortera, help members understand their performance versus their peers

Relationship building

• Long-term support of these groups builds invaluable relationships with your peers that helps protect the entire industry against fraud and frequent late payers
• Member sharing also helps build better information and technology solutions that are specific to the trade group

Member alerting

• The peer-driven, member alerting services provided by most credit groups are essential for communicating between meetings and ensuring the immediate flow of potential industry or customer risk. These services are only available to group members and cannot be purchased if you are not an active member
• Meeting hosts further expand this communication through delivering timely industry news, best-practices, and company-level insights to ensure regular knowledge transfer back to the credit group

Lowering Travel Costs

• Attend local regional meetings. These are often off-shoots of the national meetings and provide helpful member experience both locally and nationally
• Encourage members of the credit team to attend in their region and communicate to the national or global team
• Host meetings at your facilities to avoid hotel expenses
• Participate via conference call if you cannot attend in person

Have a tip or comment? Add it below to keep the sharing going.