Rejection does not give a reason.

Discussion in 'Credit Talk' started by techman, May 11, 2002.

  1. techman

    techman Well-Known Member

    I read on a few other posts about people getting rejection letters that detail why they did not get approved.

    Any rejection I have gotten simply states that "you do not meet our credit granting criteria" They never explain what the heck that means. I have asked the credit grantors for an explanation, but they are either not able or unwilling to do so.

    Does anyone have any ideas?

    What about denials as per above only they never did any credit inquiries before rejection? Are they allowed to do this?

    Thanks for any help.
     
  2. shaolin76

    shaolin76 Well-Known Member

    Was this a letter or online? I usally get generic message such as the one you listed when I apply online, but then recieve a more detailed letter a week or two later.
     
  3. techman

    techman Well-Known Member

    No , they were all mail in applications.

    I just want to know their reason and that way I can apply again when my report looks more like they want.
     
  4. whyspers

    whyspers Well-Known Member

    That's odd...I thought they were required by law to give a specific reason for a denial of credit and that just saying you do not meet the criteria does not cut it. Maybe someone can point out exactly what statute says this. I think its part of TiL though...but not sure...been a while since I read it and my memory is horrible.


    L
     
  5. LKH

    LKH Well-Known Member

    Your rights under the Equal Credit Opportunity Act:

    You cannot be denied credit based on your race, sex, marital status, religion, age, national origin, or receipt of public assistance.

    You have the right to have reliable public assistance considered in the same manner as other income.

    If you are denied credit, you have a legal right to know why.
     

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