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fmca

FMCA: PAST, PRESENT, AND FUTURE AS A CREDIT ASSOCIATION

Furniture Manufacturers Credit Association (FMCA) is more than industry leading reports and reliable collections services….it’s a community. FMCA is made up of people, or as we call them-members, that represent some of the top credit minds in the home furnishings and accessories industries. These members regularly run reports, submit claims for collections, attend the educational meetings, but more importantly, they are a community of like-minds!

Established in 1961 by Henry Wallace Taylor, FMCA grew out a recognized need for the direct exchange of credit information among furniture manufacturers. This was revolutionary in its day as the only credit reporting options available were through third party organizations. Wallace’s idea seemed to catch on in the industry and the FMCA was formed! Throughout the decades, FMCA has evolved into a leader in credit reporting, collections support, and education in the home furnishings industry. Something that couldn’t have been done without its members. Today, FMCA is a member owned association composed of top home furnishings and accessories manufacturers and importers across the US. 

FMCA prides itself in being an organization that connects people to each other as well as industry-leading data, knowing that these are crucial in making smarter credit departments.

For over 60+ years, we’ve provided concise Credit Interchange Reports that contain only the facts that credit managers need to make a quick decision.  By removing all the unnecessary ‘fluff,’ our members make timely, informed credit decisions. 

In addition to reporting and collection services, FMCA has made community-focused collaboration a priority. The FMCA membership provided something that third party credit organizations could not, a community. Credit professionals in the home furnishings industry are now able to tap into a collective knowledge base of peers from over 70+ member-companies at the click of a button, creating a “member helping member” association. If a member has a question, the answer is a phone call away.

FMCA believes that smart people with powerful data ultimately makes for better credit decisions. Along these lines, FMCA has committed itself to empowering its members with educational opportunities and professional development. The association has grown over the decades into a complete, well-rounded resource for credit professionals wanting to connect and grow. 

If just beginning a career in credit or looking to sharpen the axe after decades of industry experience, FMCA has something to offer. Regarding his time as a member of FMCA, Glenn Hendren, credit manager at Legacy Classic, said:

“Furniture Manufacturers Credit Association is operated by Credit Professionals who understand the information, services, and education that Credit Professionals really need to be successful. FMCA is by far the first and most reliable source that I have for making day-to-day credit decisions.”

 

LOOKING FORWARD

In recent years, the home furnishing industry has experienced many ups and downs including outsourcing, bankruptcies, buyouts, and mergers. To stay relevant, organizations have to be nimble and willing to adapt. FMCA has made it a core focus to make sure members have the latest tools and information at their fingertips in a digital age. This means providing members with educational opportunities and credit insights in a digestible way so they can focus on making credit decisions quickly and effectively.

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In the past year, FMCA has rolled out a new and more member-focused website. This includes a comprehensive community interface that connects credit managers to each other. Members can now share insights, send personal messages, see upcoming events, and engage with the community from anywhere. In an ever-changing landscape, it is important to know someone has your back.

FMCA was built on the need for better data and credit interchange. As such, leadership is continuously working to ensure the integrity of the data for Credit Interchange Reports. Data is regularly updated from monthly trade tapes that are provided by members. Meaning the interchange reports are the most accurate and up-to-date tool for aiding the credit managers in making informed credit decisions. 

As the saying goes, “If you want to go fast, go alone. If you want to go far, go together.”

In the coming years, FMCA plans to continue to grow its membership base, eventually leading to better data and professional networking opportunities. This includes adding sub-memberships for companies in various categories like outdoor furnishings and fabric suppliers. Stronger connections among the home furnishings industry will lead to stronger companies in the long run.

 

MEMBERSHIP TRIAL OFFER

FMCA is offering any companies interested in becoming a member a free trial option to get their feet wet and discover what FMCA is all about. It’s a great way to experience the wealth of knowledge, relationships, and interchange reports offered on a regular basis to members. 

The FMCA team would love to learn about your company and see if membership could benefit your credit department in making better credit decisions. 

Call us at (336) 889-2877 or email david@fmcainc.com

 

ABOUT OUR FOUNDER, HENRY WALLACE TAYLOR

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Born March 25, 1909, near Raleigh, N.C. His father, J.N. Taylor was a physician, who moved his family to Graham, N.C., where Wally attended public school. He attended Duke University at Durham, and although he was a bit beyond the usual service personnel age, he served four years in the Navy during World War II. 

Wallace was a rare individual. Always cheerful and upbeat, he was a born salesman and attractor of friends and associates. In selling he was constantly on watch for new sources and new outlets. 

Wallace had two loves, other than his deep and abiding love for spouse Dot and son Wally. One, his love for selling, and the other, his love for golf. 

At one time he and associates sold children’s furniture and office furniture through an organization formed to represent several manufacturers, and he sold services. While representing C.S.T. Co. of Louisville, KY., in North Carolina and Virginia, selling their collection services, he detected a great need by some of his clients for a way to interchange information to protect themselves from losses of their Assets to Debtors. This gave rise to his series of Credit Clinics organized for several industries, where several manufacturers or distributors of the same or similar items could meet and discuss their problems. It became so successful that he was losing income from being unable to look after his collection business. 

From the Credit Clinics came the Furniture Manufacturers Credit Association made up of the furniture manufacturers in the largest of his Credit Clinics group. He decided to give up his collection business and Credit Clinics, and concentrate on this one where his members had decided to exchange information and collect their delinquent accounts. In this field his active mind saw the need for knowledge concerning Creditor’s Committees and other aspects of Bankruptcy, and he became one of the best, or perhaps the best of the individuals in this field. His enthusiasm and resolve to protect his members made him known nationally, and his results in cleaning up dishonest practices were unparalleled. He became the original defender of the rights of his clients and he ever continued his search for better methods. 

His golf was legendary. Although his work kept him from playing as often as he would have liked, he was a natural and very nearly a scratch golfer. His active mind conceived a locker supplement which could be converted into a bag for transporting necessary locker items from one course to another. It became one of the very few items of luggage ever granted a patent. He intended to promote it when he retired because his efforts elsewhere did not enable him to apply his selling expertise to the Tote-n-Hang bag, so it was not the success it should have been. 

 He was an associate and friend whose presence is still felt, and his absence from our midst keenly felt.

Smart People + Good Data = Better Credit Decisions

Sign up for FMCA! We’re a community of credit professionals who motivate and help our members succeed in their credit careers- whether just beginning or sharpening the axe with decades of experience.

We provide comprehensive credit reporting, collection services, industry leading educational opportunities, and a network of like-minded individuals to learn and grow with.

If you liked to see what we’re all about, sign up for a free trial to see for yourself! You get 3 free reports.


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