If you're a company, and you send over a Credit Application requesting credit with a new vendor, it would behoove you to check over the references you send.
We got a credit application from a company. Two of the credit references came back okay. Their high credit, however, was only $1000-$5000, and the references were local businesses (mom and pop hardware store and a gas station). The fourth reference never came back. The third reference, however, for a company that sells items similar to ours came back 100% negative, "company disputing charges," "will not pay old invoices," "would not recommend credit to this company."
So, again, if you're a company sending out a Credit Application, check your references.