I study alternative mechanisms for ameliorating informational problems in collective credit organizations facing adverse selection and moral hazard. I consider alternative mechanisms both with and without the possibility of the investor colluding with the monitor. I show that the optimal gatekeeping mechanism satisfies both budget balance and individual rationality and dominates peer monitoring. The basic intuition is that while the monitor needs to be encouraged to seek information (and incur a cost), the default under gatekeeping is to deny credit - and therefore it is the informed party that seeks gatekeepers, and reveals information through side payments.