Credit Reference

A credit reference is information, the name of an individual, or the name of an organization that can provide details about an individual's past track record with credit. Credit rating agencies provide credit references for companies while credit bureaus provide credit references for individuals.

Other letters of credit reference might be written by banks which would provide basic information about how long the applicant has held an account, what type of account it was, and whether or not there were any overdrafts or late payments noted.

Individuals and companies can carry out credit checks on businesses in order to asses their credit worthiness

Read more about Credit ReferenceHow Credit References Are Used

Other articles related to "credit, credit reference, credit references":

Consumer Credit Act 1974 - Provisions of The Act - Part X: Ancillary Credit Businesses - Definitions
... An ancillary credit business is defined in Section 145 of the Act as any business that works in credit brokerage, debt adjusting, debt collecting, debt counselling or as a credit reference agency ... Credit brokers are people involved in negotiating deals between potential debtors looking for credit and creditors, normally in exchange for a commission ... Under the Act, "credit broker" includes not only mortgage brokers and loan brokers but also car dealers, shops that introduce customers to financial houses for hire-purchase agreements and ...
How Credit References Are Used
... Credit references are used to help lenders quantify the risk of lending to a given applicant, or to determine overall creditworthiness ... For example, if an applicant's credit history indicates proper, timely payments on all outstanding obligations, a lender may judge it more likely that the applicant will make ...
... Callcredit Limited is a credit reference agency ... Credit reference agencies collect and store details about consumers and their personal credit history ... There are five credit reference agencies in the UK Callcredit, Dun Bradstreet, Equifax, Experian and National Hunter ...

Famous quotes containing the words reference and/or credit:

    These roses under my window make no reference to former roses or to better ones; they are for what they are; they exist with God to-day. There is no time to them. There is simply the rose; it is perfect in every moment of its existence.
    Ralph Waldo Emerson (1803–1882)

    My credit now stands on such slippery ground
    That one of two bad ways you must conceit me,
    Either a coward or a flatterer.
    William Shakespeare (1564–1616)