Authorization for Bank to Release Credit The privilege of buying goods, services or borrowing mone A medium of exchange; coined or stamped currency. y in return for a promise of future payment. Information

Many banks will not provide credit information verbally or in writing without written permission from their customers. Therefore, many vendors obtain written authorization prior to sending the bank reference request to a customer's bank. Obtaining written authorization from the owner or officer of the applicant The party (generally buyer/importer) for whose account a letter of credit is established. letter of credi A financing instrument A right to the payment of money such as agency notes, commercial pape The unsecured promissory notes of large, financially sound corporations. r, T-Bills, certificates of deposit (CD's), banker's acceptances and repurchase agreements. issued by a bank in favor of an exporter The person or company that sells or arranges to transport goods out of a country. that substitutes the bank's creditworthiness for that of the importer. t is established. company can make a great deal of difference in obtaining bank references. This procedure usually makes a difference in how quickly credit professionals receive the bank reference Information about a credit applicant's banking relationship. .

If the applicant's bank is still reluctant to provide a reference, it may be necessary to ask the applicant to contact its bank and request that the bank provide the required information.