What You Need To Do If You Have Been Denied Credit

What You Need to Do If You Have Been Denied Credit
There is no doubt that being denied credit can be a traumatic
experience Credit denials can range from the merely annoying,
like not getting that shiny new credit card, to the truly
devastating, like being denied a mortgage on the home of your
dreams No matter what the reason for your being denied the
credit you need, there are steps you should take to make sure it
does not happen again
The good news is that many credit denials are the result of
errors in the reports held by the three major credit-reporting
agencies In the United States, the big three are Experian,
TransUnion and Equifax The information these three influential
companies hold about you can determine whether you get that
mortgage or consumer loan, and if you do get it, what your
interest rate will be Unfortunately for consumers everywhere,
the information reported by these agencies is not always 100%
accurate As a matter of fact, a recent survey by a consumer
rights organization revealed that up to half of all credit
reports contain at least one inaccuracy
If you have been denied credit, you are entitled to a free copy
of your credit report By all means take advantage of this offer
to obtain a copy of your credit report The denial letter will
usually contain instructions on how you can obtain a copy of the
credit report that was used in the decision to deny you credit
Once you have received a copy of your credit report, examine it
carefully for errors If you see anything that does not look
right, report it immediately to the credit-reporting agency The
agency is required by law to verify any information questioned
by the consumer After you have reported any errors you find to
the credit-reporting agency, be sure to follow up Order an
additional copy of your credit report in a month or two to make
sure that the credit report has been corrected If it has not,
be sure to notify the reporting agency immediately
It is also important to follow up with the company that denied
you credit Contact the bank or credit card company as soon as
possible and let them know that you found an error on your
credit report Request that they reconsider your credit
application in light of the new report This is an important
step in cleaning up your credit and making sure you will not be
denied again

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