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Risks of Verbal Responses to Credit Inquiries
There are numerous risks associated with responding by phone to a request for a credit reference, including these:
- Because your response is not in writing, and because you cannot document what was said, there may be misunderstandings;
- For whatever reason, people responding to inquiries on the phone are more likely offer opinions or recommendations verbally than when responding to a written request;
- You never know who is really calling. It might be a legitimate call. It could be the debtor, or it might be the debtor’s attorney;
- It is preferable to document your responses in writing to have a permanent record of what was said to whom
© 2011. Michael C. Dennis. All Rights Reserved.