When two companies exchange information about an individual’s credit history and habits or a corporation’s credit history in order to evaluate their worth and analysis, this process is known as the credit interchange. There are many credit information companies around the world that keep credit information of credit card and credit account holders and exchange it with other companies and departments upon request. On the contrary, the company that issued your credit card or credit account also keeps your credit history and details of each transaction on your card or account and exchange it with other companies when required.
Introduction to the Credit Interchange Request Letter:
There are many situations when you apply for a certain thing in a company or a department and they ask you to provide your credit information before they can proceed. For example, you apply for a mortgage loan in a loan firm and before they can start the process and give you the mortgage that you requested for, they inform you that first they need to verify your credit history and they will need you to provide some kind of guaranty or reference who can verify your good credit score. It’s up to you if you want to specify a bank, Credit Card Company or a mortgage loan firm as the reference as the company will contact your reference and request for the credit interchange. The formal request is made by the requester with the credit interchange request letter.
Key elements to include in the Credit Interchange Request Letter:
- Name of the person who is requesting the interchange with complete address
- Name of the company who is requesting the credit interchange
- Date when the formal request is being made by the requester
- Name of the person who’s credit information is under discussion
- Details of his credit cards, credit accounts and mortgage loan plans
- Formal and precise request for the interchange of an individual’s credit history and details
- Reasons for asking for the credit information of an individual
- Duration in which the requester wants the company to send the details
- Signature of the person who is requesting the credit interchange
When is the Credit Interchange Required?
There are many scenarios when you need to provide your credit information and history to banks, credit card companies and mortgage loan firms. Most common scenarios include:
- When you apply for a personal loan i.e. car lease or education loan in a bank or loan firm and they want to verify your credit habits.
- When you apply for a business loan for your company and the loan provider first wants to verify your company’s credit history and habits.
- When you apply for a mortgage loan plan and the loan provider wants to evaluate your credit history and financial situation.
- When you apply for a credit card or a credit account and the bank wants to verify your other credit card details and history of your credit records.
Here is preview of a Free Sample Credit Interchange Request Letter created as fill-able PDF Form,
Here is download link for this Credit Interchange Request Letter,