Credit Inquiry Explanation Letter Template, Example

by Marisa on November 13, 2020

When you need to know about something then writing an inquiry letter is the right thing to do. If you wish to know about the credit policy of a bank then you write credit inquiry letter and what you receive in return is credit inquiry explanation letter which kind of explains the credit inquiry. The purpose of credit inquiry explanation letter mortgage is for the mortgage company to decide whether the applicant qualifies for a loan or not.

We have come up with credit inquiry explanation letter template along with guidelines on writing a credit inquiry letter of explanation example to create your own letter.

How to write a Credit Inquiry Explanation Letter

Here are some of the tips to write credit inquiry explanation letter:

Always include the mailing address along with contact details of the lender
Do not forget to mention the application number
Include the information asked by the lender
Identify the documents that support your claims
End it with a polite note
Don’t forget to include your mailing address and contact details

Credit Inquiry Explanation Letter Template

Ana Brown
Manager
ABC Finances
New York

Date: November 13^th, 2020

To,

Ronald Smith
54, Richard Road
New York

Dear Mr. Smith,

We are writing this letter in relation with your loan application for car. After going through your income statements and your loan application, we have found that you have a decent credit rating which makes you eligible for the loan amount of $5,000.

It is the policy of our bank to check the credit score of every candidate who applies for a loan with us. And if the score is positive then the application as approved and if the score is negative then the application is not approved as per our policy.

We hope that you will understand that it is a standard procedure for our bank to check the credit score and therefore, we would appreciate you to be patient. We request you to collect the required documents from the concerned person at our office.

Regards,

Ana Brown
Manager
ABC Finances
New York