While you are using your credit card or credit account, each transaction or activity that you make on your credit card is recorded as credit history in the company that issued the credit card. This information is later used to verify different things and the customers or card owners can also access this information or history in order to make sure that they only pay for the expenses and transactions that they in fact made. The same credit information is accessed and used by other companies i.e. banks, loan firms, mortgage companies, and credit card companies when the credit card holder applies for another credit card or some kind of loan.
Letter Requesting Authorization to Release Credit Information:
If you are currently using a credit card or a credit account and you apply for another credit card or some kind of loan, the loan company will verify your credit history and habits before granting you any kind of loan or processing your request for another credit card. As the owner of a credit card company, you can understand that when a person applies for a second credit card, you need to make sure he fulfills the criteria for the first credit card and if he qualifies for another credit card or mortgage loan. This is evaluated and examined by seeing the credit information of an applicant. Before anyone can access the credit information of an individual or a company, he needs to request the credit card owner’s permission. This request is made by sending the authorization to release a credit information letter to the credit card owner.
Suppose you meet with a person who is applying for a mortgage loan in your company and before you process his loan application, you need to verify his credit information and evaluate if he qualifies for the mortgage loan or if he might be a bad debtor because of his credit habits. You can evaluate these details by seeing his credit information and in order to see that, you need to formally ask that person if he wants to give you permission to access his credit card information or not. Usually, this letter is sent by the credit card company to their customers informing them about the request for the release of credit cards and asking them if they allow it or not.
Key Elements in the Letter Requesting Authorization:
- Name of the person who is sending the request letter with complete address
- Name of the credit card company with complete address
- Name of the credit card owner with complete address
- Date when the request letter is being sent to the card owner
- Name of the other company that is requesting the release of credit information
- Details of the credit information that will be released after the permission of the owner
- Duration in which the credit card owner is asked to respond to the credit card company with an answer about the release of credit information
- Signature of the person who is sending the request letter
Here is a preview of a Free Sample Request Letter for Authorization to Release Credit Information created as a fillable PDF Form,
Here is the download link for this Request Letter for Authorization to Release Credit Information,
