If you have had a credit application denied by a lender due to your credit report, the lender has a few responsibilities under the Equal Credit Opportunity Act (ECOA), the first of which is to provide you the specific reasons for your application’s rejection, or inform you of your right to obtain these reasons, within sixty (60) days.
A lender which rejects your credit application is also legally required to:
- Provide the credit score it used in the rejection and the primary factors which affected your score;
- Provide the name, address, and phone number of the reporting company which provided your credit report;
- Inform you of your right to obtain a free copy of your credit report from the company which provided it within sixty (60) days of your rejected application;
- Explain the process by which mistakes on your credit report are resolved or incomplete information is made complete on the report.
If your credit report contains errors, inaccuracies, or incomplete information, remember that you have the legal right to file a dispute and have the credit reporting company investigate the matter.