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TeachMeFinance.com - explain Credit note historic definition... Credit note -- A commercial term ; a memorandum or account of goods sent back to the consignor by the consignee to be credited to the consignee. The term also applies to a memorandum transmitted by the consignee to the consignor in which the consignor claims an allowance, as for a shortage in the consignment or for a deficiency in quality, etc. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.