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Trade references are an essential component for lenders and business-to-business suppliers who must decide whether to extend credit to the applicant. These...
What are Trade References? A trade reference or credit reference is a professional testimonial from a vendor or supplier on behalf of a business customer to vouch for that business’s reliability. In most cases, trade references are required or recommended on business financing applications as a form of documentation of the company’s ability ...
17 Ιαν 2024 · A trade reference is a report detailing the payment history between a business customer and its supplier or vendor. Trade references may be supplied verbally, in the form of a written trade reference letter, or by reporting payment history to commercial credit reporting agencies such as Experian, Equifax, or Dun & Bradstreet.
What is a Trade Reference Meaning? An extensive record of a customer’s interactions with a vendor, including their payment history, is kept in a trade reference. It is an essential tool for organizations to assess credit risk and decide whether to issue credit.
30 Οκτ 2020 · A Trade Reference is a report detailing the payment history between a business customer and its supplier or vendor. Trade references may be supplied verbally, in the form of a trade reference letter, or by reporting payment history to commercial credit reporting agencies such as Dun & Bradstreet, Experian or Equifax.
14 Ιουν 2024 · Trade references on an application are used to help lenders and business to business suppliers make decisions about whether or not to extend credit to a credit applicant. So, what are trade references on an application? They are one of the only parts of a credit file that isn’t just numbers or court filings!
Trade References are one source of information that can be used to help calculate a business’s credit scores and ratings, so it’s important that business owners understand what they are and how to use them when potentially building their business credit file.
