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| *Loan,banking and credit>>>business credit |
Do businesses have the right not to issue a Letter of Credit? |
Im in the process of trying to aquire several letters of credit. Two companys so far have told me they "dont do that". Is it true they do not HAVE to issue me a letter of credit? It just doesnt make sense to me for someone not to. All it is is a peice of paper with my billing history on it and does not reflect on them in any way. Their name is simply at the top of the page. Absolutely. They don't have to offer you credit terms. It's NOT just a paper with your billing history on it - it's a statement that they are willing to offer you CREDIT - give you goods now, and you don't pay for at least a month. If you want just a BILLING HISTORY, ask for a billing history, or account history. They don't have to. A letter of credit is not your billing history - yo could compile that yourself. It is an assertion in writing that you paid all your bills on time. What you are asking for is not a letter of credit, but a credit history. That might be why they are refusing. A letter of credit is a letter from a finanicial institution saying that you have made arrangements with them for money for an undisclused transaction. It is a little like getting preapproved for a loan. |
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