MAKE YOUR FREE Request for Bank or Credit Reference
Other Names:
Credit Reference Request Form
Bank Reference Request
What is a Request for Bank or Credit Reference?
You're a lender who's not quite sure about an applicant. A Request for Bank or Credit Reference let's you scope them out. Or maybe it's just your policy to check an applicant's financial background. When you require a Request for Bank or Credit Reference, you're protecting the loan - and yourself.
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.
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.
Sample Request for Bank or Credit Reference
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Re: Credit Reference for
Dear :
We are in receipt of a Credit Application from which names your as a credit reference. Credit Application signed release form bank company
| How long has had an account with your bank? |
| What has been the average daily balance of the account(s)? |
| 's history of overdrafts, if any. |
| Does currently have any loans with your bank? |
| (a) If so, what is the outstanding balance? |
| (b) Explain the frequency of any past due payments that has made. |
| Is eligible for future credit with your bank? |
| (a) If not, please explain why. |
| How long has had an account with your company? |
| What are the credit terms that you have extended to ? |
| What has been the maximum credit line of ? |
| Explain 's past due payments, if any. |
| Does currently have an outstanding credit balance with your company? |
| (a) | If so, what is the outstanding balance? |
| (b) | Explain the frequency of any past due payments that has made. |
| Is eligible for future credit with your organization? |
| (a) | If not, please explain why. |
| . |
Please contact me if you have questions regarding this request. or
Sincerely,
