(WARWICK, R.I.) - The Jewelers Board of Trade’s® (JBT) new service, JBT RatingWatch, has found fans among retailers in the industry. “We’ve seen a healthy initial response,” says Dione Kenyon, JBT president. “Credit ratings are on everyone’s mind today, and jewelry business owners reap benefits with good credit.” Retailers with better credit have an easier time getting inventory that’s not prepaid. Often, they also are offered better payment terms.
Sam Edwards, of Sam Edwards Jewelers, Chattanooga, TN, knows first hand how a credit rating can change a business and how paying attention to it is vital. “I’ve worked hard, with JBT’s help, to get my rating back up,” said Edwards.
Edwards used JBT RatingWatch and JBT’s credit counseling services to bring his rating up over a seven month period. JBT RatingWatch has allowed him to access his businesses’ credit information. “JBT RatingWatch is a tool on my side. It allows me to be up-to-date with my credit rating and stay informed. My main focus now is to maintain our great rating at all costs. We retailers need to keep an eye on our business credit rating.”
So, how does a jeweler end up with a poor credit rating, as many have after the 2008 marketplace dip? Certainly one answer is not paying bills as agreed. But there are others. For example, a difference in verbal vs. written terms or a renegotiation of the original terms. Those are just a few of the situations that may impact a payment score.
The JBT RatingWatch service allows retailers to know their credit rating, their JBT ID, how many times their report is being ordered, and key business data on file with JBT. It also protects the confidential nature of JBT members exchange of credit information. Pricing for the service is $199 annually, payable by credit card.