Credit & Trade References Form
It is important to know if the applicant is a regular customer of this Trade reference that is provided to you. It could be just a one time or a short and sweet relationship that the applicant had with this supplier. A trade reference should come from a credible individual or entity, not closely related to the beneficiary. It is not very valuable when a relative acts as a reference because there might be personal interests distorting the actual information. You may still want to know, what if I don’t have a trade reference? This is the best way to get to the real truth about the business’s fundability.
These can cost between $50 – $150 USD, so you can see why it’s easier to check trade references. You may want to consider reporting your customer’s payment experience to commercial credit bureaus such as Dun & Bradstreet, Equifax or Experian, and/or to the Small Business Financial Exchange. Let your customers know you report to business credit; that’s an incentive for them to pay on time. While exemplary Trade References can be an asset and manually submitted to credit reporting agencies for their consideration, it is only one of the many other factors that will impact your business credit score. If your main goal is to improve your business credit score, there are more efficient and reliable ways of doing so. Secondary trade references may include subcontractors who may be willing to not be paid until the main client pays.
Over the ages this has taught the average customer looking for credit to walk around with their best three references while applying for credit. It is a subtle way of forcing the applicant to look for and supply you with one or two more suppliers with whom they have a healthy business relationship. Trade references can be used in a wide range of business situations but they are mostly seen as requirements asked by credit suppliers. Banks, lenders ad suppliers that grant credits demand trade references to their customers. Although it is impossible to foresee if a person will pay a debt within the expected terms, information about past behavior is often used as a good predictor. However, just because a business has a trade reference to offer, doesn’t necessarily mean it’s a good one.
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Now that you have your trade credit, you’ll want to use it smartly. When you use that credit, make sure you can afford to pay the balance in full and on time. Know that a late payment can negatively affect your credit scores.