Experian Credit Reporting Agency

There's nothing worse than being denied on a credit application. Whether you're applying for a car loan, a mortgage, or a credit card, you've probably made some (even tentative) plans with the assumption that the application will go through. It can be devastating to learn that you're not going to be able to buy the house or car of your dreams.

Getting to the Bottom of Credit Denials and Credit Reporting

If you've ever been denied on a credit application, you've probably noticed the little disclaimer at the bottom explaining the reason for the decision. Typically, creditors will list one or more reason why they are denying your application. They will also provide you with the name of the credit bureau that gave them the information used in their decision.

If your credit application has been denied based on information provided by a credit bureau, you are actually entitled by law to a free copy of your credit report from that bureau. Typically, it will state this on the denial letter, and you will be given information on how to contact the credit bureau to obtain your report.

Keep in mind that if you are trying to get this free credit report, you must do so within 30 days of the notice of rejection. When you contact the credit bureau, you should also offer to send them a copy of your denied application (you may in fact be required to do so). The good news is that getting this free copy of your report is the first step in resolving any potential problems with your credit.