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 estate attorney can explain your state's credit laws and how they pertain to you.
Last Modified: 04-02-2018 06:08 PM PDTLaw Library Disclaimer
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