You Have the Right to Know Why You Were Denied Credit

It is very important that you promptly request a written explanation of why you were denied credit, or offered less favorable terms, such as a higher interest rate. You have the right to receive this information under the Equal Credit Opportunity Act. You must request this information from the creditor within 60 days.

The same is true if you are denied employment or insurance based on information contained in your credit report.

As soon as you are denied credit, you must write a letter to the creditor asking for a written explanation of why you were denied credit or offered less favorable credit terms. Send the letter certified mail, return receipt requested. Be sure to keep copies of all correspondence to and from the creditors, as well as the certified receipt of delivery to the creditor.