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If
You're Turned Down For Credit
Bad
Credit Turndowns And What You Can Do About It.
Remember,
your gender or race may not be used to discourage
you from applying for a loan. And creditors may not hold
up or otherwise delay your application on those grounds.
Under
the Equal Credit Opportunity Act, you must be notified within
30 days after your application has been completed whether
your loan has been approved or not. If credit is denied,
this notice must be in writing and it must explain the specific
reasons why you were denied credit or tell you of your right
to ask for an explanation. You have the same rights if an account
you have had is closed.
If
you are denied credit, be sure to find out why. Remember,
you may have to ask the creditors for this explanation.
It may be that the creditor thinks you have requested
more money than you can repay on your income. It may be
that you have not been employed or lived long enough in the community.
You can discuss terms with the creditor and ways to improve
your creditworthiness. The next chapter explains how to improve
your ability to get credit.
If
you think you have been discriminated against, cite the law
to the lender. If the lender still says no without a satisfactory
explanation, you may contact a Federal enforcement agency
for assistance or bring legal action as described in the
Directory
Of Federal Agencies.
Do it Yourself Credit Repair Kit. Use the tactics that credit repair lawyers use.
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