If you were turned down for a loan or a line of credit, the lender is required to give you a list of the main reasons for its decision or a notice telling you how to get the main reasons.
First, find out what caused the lender to turn you down. If a lender rejects your application, it’s required under the Equal Credit Opportunity Act (ECOA)
to tell you the specific reasons your application was rejected or tell you that you have the right to learn the reasons if you ask within 60 days.
If a lender rejects your application based on your credit report, the lender is also required to:
If you find information in your credit report that you believe is inaccurate, you can dispute what is in the report with the credit reporting company and the company that provided the information. The credit reporting company is required to conduct an investigation and correct any errors it finds. If after the investigation you still believe that the report is wrong, you generally have the right to have a statement added to the report stating that you dispute the information.
If you were denied due to an “insufficient credit file”, you can use this checklist to learn how to build and keep good credit
It is illegal for a creditor to discriminate in any credit transaction, including mortgages, against any applicant because of:
If you feel you may have been discriminated against, learn more about your rights under ECOA.
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