A credit reference letter highlights your past credit relationship with financial institutions and businesses. The letter shows your creditworthiness, i.e. your ability to repay for services and goods obtained by credit in time. Your bank, suppliers, landlord, etc. can write a letter to the requester as proof you settle your payments in time. The letter can help you to get services, goods or a loan based on your credit history.
Writing this letter can be an uphill task especially where the individuals have a negative credit history. A sample letter will go a long way in providing the appropriate format and content.
Credit Reference Letter Format
Subject [Name if client]
To whom it may concern
This letter confirms that [Person’s name], has been baking with us since [state the date]. Over this period, we have known him to be a reliable and credit worth individual.
As a bank, we are confident to state that [person’s name] has been a reliable client, besides handling his financial obligations responsibility. In this respect, we recommend him for any loan or financial support. We trust he will remain faithful to his financial obligations.
Account balance…………… as on [Date]
If you require further details, contact us via email or phone.
Yours truly[Name] [Designation] [Company/organization]
Credit Reference Letter from Bank
A bank can write a credit reference letter as evidence that an individual is creditworthy. It reveals the transaction and the individual’s obligation to payment of loans and suppliers. Besides, it offers information on how long the person has had an account with the bank.
Credit Reference Letter for Mortgage
This reference credit reference letter is written to support an individual’s mortgage application. Financial institutions that have dealt with the person before on financial matters can write the letter. It offers advice to the requester on whether the individual can meet mortgage repayment without hitches.
Credit Reference Email
Instead of writing a credit reference letter, one can submit the credit history as requested via email. The email provides details on the individual’s creditworthiness to the requester.
Credit Reference Letter from Utility Company
Credit Reference Letter from Landlord
A landlord can write offer credit information about their tenant to a requesting authority in the form of a letter. In the letter, the landlord will state when the tenant moved to their apartment, if they have been faithful in paying rent and if not, they will indicate how frequent the tenant has defaulted rent payments.
Positive Credit Reference Letter
Company Credit Reference Letter
Vendor Credit Reference Letter
Credit Reference Letter From Utility Company WORD
Client Credit Reference Letter
Trade Credit Reference Letter
Customer Credit Reference Letter
Business Credit Reference Letter
Bank Credit Reference Letter
Credit Reference Letter Sample
How to get a credit reference letter
Understand the submission guidelines
Different institutions will offer varying instructions on the format of the credit reference letter. If you are lucky, you may be issued with a template. Make sure you follow the required format. The letter must answer all the relevant questions such as the duration of the financial relationship and the financial discipline of the individuals. If not sure, always confirm form the requester of the details to include in the letter.
Contact the writer
Once you have the format or writing guidelines, it now the time to reach you the relevant institution or individual to write the letter. You can offer a sample or a template to make writing easier. Besides, remember to ask the duration it will take before you pick the letter.
Allow access to personal information
The party writing the credit reference letter requires having full access to your financial transactions to write the letter. If it’s your landlord or your bank, allow them to access your account details to provide factual information.
Collect the letter and submit to the requester
Once you are sure the letter is ready, collect and confirm that the writer has adhered to the submission guidelines. If the letter has no errors, go ahead and submit to the requester. The requester might inform the writer to send a sealed letter directly to them. If it’s the case, respect their decision.