A credit reference is information, the name of an individual, or the name of an organization that can provide details about an individual's past track record with credit. Credit rating agencies provide credit references for companies while credit bureaus provide credit references for individuals.
Other letters of credit reference might be written by banks, which would provide basic information about how long the applicant has held an account, what type of account it was, and whether there were any overdrafts or late payments noted.
Individuals and companies can carry out credit checks on businesses in order to assess their credit worthiness
References
Credit reference Wikipedia(Text) CC BY-SA