What Is Credit Denial And What Can You Do About It?
Written notice required
You must be informed in writing why you were denied a credit card or loan. If the letter you receive doesnt say why you were denied, it must tell you of your right to be given the specific reasons for denial if you request it. You should always request this information.
The reasons they give for rejecting your application must be specific, such as, “Your income is too low,” You have not been working long enough, or “You didn’t receive enough points on our credit scoring system.”
General statements like, “You didn’t meet our standards,” are not enough. If they reviewed your credit report before making their decision, they must tell you the name of the credit reporting agency that gave them your credit report.
You are entitled to a free copy of your credit report
You have the right to get a free copy of your credit report within 60 days of being denied credit. Simply contact the credit reporting agency that provided the credit report and ask for a free report.
You can also get a Free Credit Report every...
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