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Anyone who has provided the applicant credit or had a financial relationship can serve as a credit reference. Applicant's credit card company, local bank, investment firm, past landlord, or a local business that offered a payment plan are examples.
Contact one of the four primary business credit bureaus to request a business credit report. Dun & Bradstreet specialize in business credit and, while often more expensive, will provide more thorough information.
Trade reference is a report provided by a vendor that indicates a customer's creditworthiness based on their past business transactions. In contrast, a credit reference is a document that shows the credit history of those who have applied for a loan.
What is a trade reference example? Customer identifying information (name of business, address etc) Credit terms (i.e. net 10, net 30) Date account opened. Open AR balance (AR = accounts receivable) Past due balance. Highest previous balance. DBT (days beyond terms) ? current and previous. Number of late payments.
WHAT TO INCLUDE IN A BUSINESS CREDIT APPLICATION Name of the business, address, phone and fax number. Names, addresses, Social Security numbers of principals. Type of business (corporation, partnership, proprietorship) Industry. Number of employees. Bank references. Trade payment references.