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Industry Groups
Industry Groups
Creditnet International operates Industry Groups throughout New Zealand. The Industry  Groups operate with a group of commercial members that have a credit risk exposure to a common specific industry and wish to share their collective knowledge to allow confident decisions to be made around the provision and continuing management of credit risk.
Creditnet International coordinates and manages, on behalf of members and their respective Industry Group, the:
-          Supply of reports to the members
-          Members open forum meetings to review all relevant industry information
-          A stop credit warning system that minimises credit exposure and encourages earlier payment
The Industry Groups currently supported by Creditnet International and their market region include the following.
                   Construction and Allied Trades       Auckland and Canterbury
                   Food & Liquor                               Auckland
If you are an existing member of an Industry Group and wish to access reports, register your monthly data, or update “Stop Credit” information please Log On. If you seek additional information about this service or wish to become a member of an existing Industry Group we would welcome an opportunity to arrange this for you – please Contact Us.
Maintenance and Control of Information
Members supply to Creditnet International a monthly “Aged Trial Balance” of their clients who have been provided credit. This information is consolidated to provide an overall exposure of credit risk that a client may have to the particular industry.
Creditnet International also sources publicly available information, some of which is specific to the particular Industry Group, that will assist members with their decisions on the provision of credit, including:
-          District Court Judgments
-          Bankruptcies, No Asset Procedures and Liquidations
-          Applications for Liquidation and Receiverships
-          New Company Incorporations
-          Default and Collection data
-          Specific Industry Data (eg Liquor License Applications).
Each month Creditnet International shares the information that it has received with all members of the specific Industry Group. This is by way of a comprehensive report that details both the consolidated credit risk exposure of a client to the industry and any information of interest from publicly available sources – therefore supporting the membership with reliable and up to date information to make decisions.
Each month Creditnet International coordinate a meeting of members for the purpose of reviewing the report and its contents, providing the opportunity to share non confidential industry related information, and to create an atmosphere where members can network to further their common business interests.
Members have the opportunity to provide notification to other Industry Group members that they have discontinued the supply of credit to a client. This can be done at any time and immediate notification is supplied to those members who subscribe to receive the notifications.
This service supports members by restricting the supply of additional credit to clients that may be facing a difficult financial period and who rely overly on its creditors to fund their business. Ultimately, it provides the opportunity for members who have a credit exposure to such a client to commence dialogue on repayment far earlier than would normally be the case.
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