By DeAnna Leahy, CCE, Sunroc Corporation
In our industry credit group meetings, each of us follows along as the Anti-Trust Compliance and Anti-Defamation Statements are read and then we quickly move on to the names submitted for discussion by each of the group members. I sometimes wonder how often members take the time to read and contemplate the information contained on the page entitled Canon of Business Credit Ethics that is located between the Anti-Trust Statement and the individual credit reports. I believe that it would be beneficial for each of us to review these cannons on a regular basis.
The Canons of Business Credit Ethics evolve over time but the essence remains the maintenance of high ethical standards. You may remember the previous statement which is still good advice:
- Justice, equity, and confidence constitute the foundation of credit administration.
- Agreements and contracts reflect integrity and should never be breached by either party.
- The interchange of credit information must be based upon confidence, cooperation, reciprocity, and confidentiality.
- It is deemed unethical to be a party to unwarranted assignments or transfers of an insolvent debtor’s assets nor should creditors participate in secret arrangements.
- Creditors should cooperate for the benefit of all in adjustment or liquidation of insolvent estates or companies.
- Creditors must render all possible assistance to honest debtors who become insolvent.
- Dishonest debtors must be exposed and referred to the authorities.
- Cooperation, fairness, and honesty must dominate in all insolvent debtor proceedings.
- Costly administrative procedures in the rehabilitation or liquidation of an insolvent debtor shall be avoided at all times.
- Members pledge themselves to uphold the integrity, dignity, and honor of the credit professional in all of their business dealings.
The newer version of the Canons of Business Credit Ethics is more generalized to fit a wider variety of situations but calls upon the credit professional to exercise more individual thought when applying the provisions to a much broader global market. view full article at http://www.nacmint.com/news-and-resources.php?v=583
