New Study Shows Chamber of Commerce Members offer Safer bet when it comes to Business Credit Risk
On February 22, the American Chamber of Commerce Executives (ACCE) announced the publication of a new study detailing the credit scores and payment behavior of ten local chambers of commerce across the United States, comparing their member businesses with other regional, state and national business averages. Produced by Cortera™, a community-driven business credit bureau, on behalf of ACCE, the study showed that chamber of commerce members possess an average credit score of 629, compared to a 557 average score for businesses at large. Such scores – the payment behavior from which they are derived -- play a significant role in attracting lines of credit and securing favorable terms from lenders and suppliers.
A complete copy of the study, which includes both the aggregate findings, as well as the individual commercial credit scores for each of the ten local chambers, is available on the ACCE and Cortera sites. The study was contracted by ACCE and performed by Cortera, which reviewed payment behavior for chamber member businesses.
"Chamber members have long been seen as responsible and reliable members of their community," said Mick Fleming, president and CEO of ACCE. "What this study indicates is that the perception is right. From a credit standpoint, chamber members on average are better businesses, and as a result they have significant advantages in obtaining the funds they need. In this economy and the tight credit environment we are experiencing, that's especially important."
"The economic health of the entire supply chain is dependent on the payment behavior of each of its stakeholders," said Jim Swift, president and CEO of Cortera. "This study suggests that chamber members are among the most dependable participants in this ecosystem."