Newspaper article THE JOURNAL RECORD

Credit Management Division Marks 75th Anniversary

Newspaper article THE JOURNAL RECORD

Credit Management Division Marks 75th Anniversary

Article excerpt


An Oklahoma City business credit organization will mark what is generally considered its 75th anniversary later this month.

The National Association of Credit Management Oklahoma Division can trace its history back to April 24, 1916, when it was incorporated as the Oklahoma Wholesale Credit Men's Association.

The 1916 certificate of incorporation states that it is an amended charter for the former Oklahoma City Association of Credit Men, but Ken McClanahan, president, said he has be McClanahan joined the organization in August 1990 and was named president in March.

He said the local group affiliated with the national association some time after 1952, according to documents he has found. It combined with a similar group in Tulsa about five or 10 years ago.

The purpose of the not-for-profit organization is to further business credit. It provides members with credit reports through a national credit data base, a monthly credit magazine, application forms that can be used in the credit process, credit certification programs and two graduate credit programs.

It also provides information on the Equal Credit Opportunity Act.

McClanahan said any company that allows a customer to pay out his bill is granting credit, according to the act.

``We want to make sure the decisions the company makes from the start are the right decisions within the law. We are here to try to help them do just that.

``Part of the decision is the credit report, but that is not all of the decision. Much of it comes prior to the application when the company decides whether to grant credit. If it has operated on a cash basis and a customer comes up and says he can't pay, that company has become a credit granter under the law if it decides to work with the customer.''

Another service utilized by Oklahoma members is the group's international credit information.

``We have members who sell drilling equipment overseas, and they need to know how people pay in those countries and what types of problems they might run into,'' he said.

The national organization is one of the oldest business groups in the country. It was formed in 1896 in Toledo, Ohio, and has 30 affiliates and about 40,000 members.

The Oklahoma division, which includes the state and western Arkansas, provides its 400 members with access to commercial legal filings and lien releases in 60 Oklahoma and Arkansas counties, a service bulletin which provides information on commercial lawsuits, a collection service, seminars and specialized instruction.

The group has about 200 to 250 Oklahoma City members, which include such diverse industry groups as financial institutions, manufacturing concerns, wholesale distributors and print shops. . .

- The target date for conversion to a state charter by the First National Bank of Moore, 600 NW 5th St., has been set back to June 1, according to Charles Gossett, president.

The bank received approval for the charter change from the Oklahoma State Banking Board in February. It had planned to complete the conversion on April 1, but that has been delayed because of a pending membership application to the Federal Reserve.

Although the Moore bank is a member of the Fed - a requirement for all national banks - it is required to file a new application for membership as a state bank.

``We could operate without membership for a couple of months, but we do not want to do that,'' Gossett said.

The application process is expected to take six to eight weeks. . .

- Oklahoma City Tax Trots will provide free tax assistance on Monday from 4 p.m. to 7:30 p.m. at Shepherd Mall. Monday is the deadline for filing income tax returns.

The event is sponsored by the Oklahoma Society of Certified Public Accountants, the Oklahoma Tax Commission and the Internal Revenue Service. …

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