Turned Down For A Loan

Turned Down for Credit?

If you have been turned down for credit, the lender is required to tell you the reason for the turn down.

Lenders will often describe in a letter the reason you were not approved. Sometimes the letter will tell you to contact them for that information.

Do not hesitate to ask them for a clear explanation of the reason for your rejection. They are required by law to tell you.

If the reason included details found in your credit report, you should find out which credit reporting agency they used. There are three major credit reporting agencies: , , and

You are entitled to get a free copy of your credit report from the agency that was used to deny you credit. You must request your free credit report within 60 days of your turn down.

If you find mistakes in your credit report you should document the error. That is, if there is a record of an unpaid debt on your credit report and you either paid the debt or the debt is not yours, you need to document that fact.

If you paid the debt you should try to get a statement from the store or company you paid. The statement should indicate that the debt was paid.

If the debt is not yours, you should seek proof of the debt from the store or company. Often, this will be in the form of a signed contract or a credit card slip. If the signature is not yours, you can then contest the debt with that store or company.

Once you have the documentation that the debt was paid or is not yours, you can mail copies of those documents to the credit reporting agency. They must investigate the items on your credit report and remove them if they are in error.

During this process you should record the dates and a brief overview of each conversation or letter you exchange with any group involved.

Contesting errors on your credit report can be a lengthy process. If you do not want to take the time to be personally involved, there are several alternatives.

Two Methods that Help You Dispute Items on Your Report

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How to Dispute Credit Report Errors
Sample Credit Repair Letters

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Credit Report Scores - Computing Then Insufficient funds?

Your credit report scores are based on factors that appear in your credit reports:

Bill payment history (Good: on time and for the full amount)
Total outstanding debt (Good: non-mortgage loan payments less than 5% of gross income)
Types of debt (Good: mortgage, car loans, Bad: high credit card debt)
Length of credit history (Good: 3 or more years of on time payments)
Credit inqueries (Bad: many rejected applications)

The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining your credit report score:

Personal details such as sex, marital status, age, race, national origin, or because you receive public assistance income
Sources of income such as regular alimony, child support, or separate maintenance payments

The Equal Credit Opportunity Act provides actions for you to take if suspect unauthorized factors are being used to deny you credit.

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