Rules Governing Credit Groups
Credit group members realize that the value of each association depends upon maintaining the highest legal and ethical standards. In Riemer Reporting Service's associations, this requirement is constantly reinforced in several ways:
- All applicants for membership review a copy of the association's Bylaws, which detail non-permissible behavior.
- The Riemer group Application for Membership requires the applicant to sign a pledge to abide by the Bylaws of the association, and even mentions the most crucial requirements.
- At the start of every meeting, each attendee signs a Confidentiality Statement, reinforcing the Application agreement and again detailing important points.
- There is a strict set of procedures which are followed whenever it is possible that a member has violated the confidentiality of the group.
- A recap of the Rules Governing Credit Associations (see below) are read at the start of every Riemer group meeting and are discussed whenever necessary to assure that new representatives thoroughly understand the spirit as well as the letter of the law.
- Experience must be historical and related to past activity. Participants cannot indicate future plans or intentions.
- Information must be factual and objective. Subjective comments and opinions are not acceptable.
- Decisions as to the activity of any creditor must be made on an individual basis. No group plan may be suggested by members.
- Information developed through the interchange must be kept confidential. It is to be used by credit personnel only and must not be shared with sales and marketing people. Credit sources must not be revealed to customers.
These documents and procedures are frequently reviewed by Riemer’s attorneys and by attorneys of member companies. The importance of abiding by the letter and the spirit of all relevant legislation cannot be overstated. For more information about credit groups in general, please visit About Credit Groups.
