WELCOME TO CORPORATE FAQ
Here Is The Most Frequently Asked Questions.
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Monthly A/R files may be sent to us by email, but please contact us before sending your first aging file. If your company automates the process and would like an FTP account set up for data transfer we can provide that information after your first file is received and the format verified.
Yes, there are both tools and benefits; Portfolio Risk Analysis, Account Monitoring are both valuable tools included for data contributors. We do ask you to contact us to have the options enabled for your login code. There are time saving benefits for members participating in credit groups and there are statistics that show companies that contribute data have better receivables and financial strength. If a new bank opened up and said they make loans but don’t report past due or current balances, how long would they be able to stay in business?
No, unlike other credit reporting companies NACM data is used exclusively for the NACM National Trade Credit Report only.
If you are deleting lines or making corrections to the file yes. However, the file format should never be changed without notifying NACM first as data will not be mapped correctly.
No, only NACM members have access to running NACM Credit Reports and only individual credit reports are sold. The subjects we have in our database have an average 7% touch rate. Our studies show the average number of credit inquiries a member company receives is very close to that figure. In many industries that will result in saving you time by having to respond to fewer fax and email inquiries.
Once we receive your file a sample load will take place and you will have the opportunity to verify the data mapping, especially the aging buckets (current, 30, 60, 90, and 120) have loaded correctly. Once confirmed we are ready to receive your data monthly!
Account numbers from your system should never be re-used. Once mapped in our system your customer account number is matched to a subject in our system by account number every month.
TransUnion
It may take 30 to 60 days to go through the billing cycle before any changes are reported on your Credit report. However, we suggest signing up with a free service like Credit Karma which can suggest specific steps to improving your credit score.
If your Credit Score is over their required 660 criteria, we do NOT contact you directly unless you request it. We will contact you if your score is below the 660 criteria requirements before we submit it to the DBPR. We include you FICO score by email along with your Thank You letter.
No, once the application is received the processor will link the Credit Reports with the application.
No, due to credit reporting guidelines we are prohibited from releasing your personal report directly to you. We send your personal report directly to the DBPR.
Yes, under most circumstances, but we suggest you contact the DBPR directly with any questions regarding qualifications.
Do I receive a copy of my Business Credit Report?
Yes. NACM is a national credit reporting agency, and we are the only collection agency that is also a credit reporting agency. We will report the collection account in the debtor’s business credit report.
We don’t, and this is for your benefit. Many collection agencies tout this as an added service. If you decide to file a suit, you don’t need us to take a percentage, and you don’t need another layer of communication between you and the attorney.
If you decide to place the account with an attorney, we will turn the file over to you, and NACM considers the claim closed. You don’t need to pay us any commission at this point.
If your contract, credit application, or sales and delivery receipts include language that addresses the fees, the answer is yes. It is also essential to calculate collection fees correctly.
Wrong Way Example: $1,000.00 placed for collection X 1.21 = $1,210.00. When we collect and charge 21%, you end up with $955.90. You are short $44.10 from collecting your account in full.
Right Way Example: $1,000.00 placed for collection ÷ .79 = $1,265.82. When we collect and charge 21%, you end up with $1,000.00
The National Association of Credit Management (NACM) was founded in 1896. We don’t use commercial advertisements because we are a trusted name in the credit industry. Although most of our services and credit information are only available to our members, we offer commercial collections without membership.
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