Credit Report

Written by Jessica Duquette
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A credit report won't cost you a penny if you have recently been denied credit. In most states you are entitled to a complimentary report from the same reporting company that was used to deny your application. Why would you want to take advantage of this report?

Legislature to Protect Consumers

There are several reasons why you could be denied a loan. The Fair Credit Reporting Act ensures that consumers are made aware of the reasons for denial. This should in turn help you mend those problems before applying for another loan.

The reasons for denial must be specific. Vague or indefinite reasons are considered illegal, so if you have questions about the reasons given, be sure to contact a credit bureau for a full investigation. An example of suitable grounds for denial include: low income or length of employment.

Attaining a Free Copy of Your Credit Report

Unacceptable motives for denial may include meeting minimum standards set forth by the creditor or having a low FICO score. Should your claim be denied, be sure to attain a free copy of your credit history and speak to a professional about how you can improve your financial standing. Your request for a report needs to occur within 60 days of when your application was denied.

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