While there are regulations that protect you when seeking credit, there is no law that guarantees credit approval. Some reasons why your application may be denied include:
Although a creditor may consider various elements when reviewing your credit, it is forbidden to request or to review personal information pertaining to sex, martial status, race, national origin, child support, or public assistance income.
The Equal Credit Opportunity Act ensures that all consumers have an equal chance to obtain credit and requires that a creditor explain its reasoning when declining your credit application. Specifically, the Act requires that the creditor:
Discussing the outcome of your application with your creditor can be extremely beneficial. The creditor may be able to offer information regarding:
If you feel that you have been unjustly denied credit or if you would like to discuss your current financial status, an attorney can explain your state's credit laws and how they pertain to you.
Last Modified: 06-04-2014 03:13 PM PDTLaw Library Disclaimer
We've helped more than 4 million clients find the right lawyer – for free. Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you.