If you are denied credit, employment, insurance or other benefits based on the information in your credit report, under the Fair Credit Reporting Act, you are entitled to a notice of the “adverse action”. This adverse action notice will explain why you were denied, which credit reporting agency was used to access your report and instructions on how to obtain a free copy of your credit report from the appropriate bureau(s). You must request the free report within 60 days of being denied.
You may be able to find other loan products specific to your needs elsewhere, including less competitive loan products that could fit your short-term needs until you are able to improve your scores and get better deals. The one disadvantage to such products is that they may come with less attractive rates and fees.
You can also learn about what you can do to improve your loan application and credit scores in our Learning Center, which contains numerous tools and articles to assist with financial planning and management. Learn what criteria is used to calculate your credit scores and how to improve them. You can also view Answers to your financial questions, get financial information from our experts in the Forum, and participate in our Credit Blog.
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