Credit Inquiry explanation letter is a kind of a brief document that is drafted in order to explain anything in relation with credits to the recipient. The inquiry letter format is simple which poses a question the writer of the letter has and an inquiry explanation letter is something that provides answer for that query.
In this post, we have come up with a Credit Inquiry Explanation Letter Template. Whether you are in need to create a credit inquiry explanation letter for mortgage or any kind of loan, you can simply use this credit inquiry letter of explanation example for creating a customized letter.
How to write a Credit Inquiry Explanation Letter
We have come up with a list of guidelines that you can keep in mind while framing a credit inquiry explanation letter:
- Always include the reference of the application or the letter that you have received.
- You must mention whether the application has been approved or rejected. Make sure that you have answered all the inquiries that were made by the applicant in his or her letter.
- Include information about the documents that are required.
- Keep the letter precise and make sure all the important information has been included.
- It is a wonderful idea to share a number or other contact details of the person who can help with the process.
Format for Credit Inquiry Explanation Letter
From:
Mathew Jacobs
Manager
ANC Bank
New York
Date: October 18, 2023
To,
Mr. Henry Smith
45, Richmond Town
New York
Dear Mr. Henry,
This is in relation with the credit inquiry that had made with our bank in relation with the home loan that you are looking for.
We have gone through the income details that were shared by you in your last letter along with the amount of home loan that you are looking for and it has been concluded after checking all these details that based on your credit ratings, you can get the desired loan.
As you must be aware that credit ratings play a significant role in the process of loan application. If the credit ratings of an applicant are positive then the applicant is entitled for loan and if the ratings are negative then the person is not eligible for the loan. Credit ratings are important because they reflect the financial potential of an individual and their ability to pay back the loan as the are a summation of the repayment track record of the individual.
I hope that you would cooperate with us through the whole procedure and we have been able to satisfy your credit inquiry. You are requested to visit our branch with all the other documents required to take this process ahead, the list of which was shared with you in the last letter.
In case of any other assistance, you can get in touch with Mr. Mark Brown at 9898989898 and he will assist you with the whole process of application for loan.
Looking forward to serve you.
Thanking you.
Mathew Jacobs
Manager
ANC Bank
New York