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What is a Request for Bank or Credit Reference?
The days of don't-ask-don't-tell loans are over. When you offer a loan or extend credit, you'll need to know how customers have handled their money in the past. By law, credit history is private and confidential, so your customers have to give you the go-ahead before you can run the check. If you're seeking credit, you may feel like your privacy is on the line when you give a lender or retailer access to your financial information. However, it's the quickest way to prove you're financially responsible. Once the lender has seen how you've handled your car payments, you'll have a better chance of getting the new loan. When you're in the lending business, there's always a risk your customer will default. But a Request for Bank or Credit Reference you can help up your odds of finding responsible applicants, weeding out the bad bets.
When to use a Request for Bank or Credit Reference:
- You have received a signed application for credit from an individual or company and wish to gather information on the applicant's credit history for purposes of making the decision whether to extend credit and how much to extend.