Michelle Hogan reports:
"A credit reference is often required when a person is opening a new business and wishes to start a line of credit with a company for inventory or supplies, is looking to purchase a home or wants to borrow money from an individual or investing company. Credit references are best given by companies that have worked with the asking individual for longer than a year. Any company that offers installment payments can be asked for such a letter. Begin the letter in proper business format with your letterhead or contact information at the top. Address the letter directly to the individual or company who has requested the letter from your client, not directly to your client. Include the dates of the loan, if any; late payments, if applicable within the last one or two years; the account number for the individual and the direct contact information of the person who prepared the letter. State how long you have done business with your client, what type of business you are in together and what type of payments the client makes...Put any negative information into context. Don't highlight something negative just because it occurred...Abstain from writing a credit reference if you do not believe the person to be a good credit risk or you feel uncomfortable for whatever reason giving a reference to this person."
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