If They Say No
It’s estimated that 20 per cent of credit applications are turned down. If it happens to you, don’t panic. You can look for credit elsewhere. Lending agencies want to do business and there are a lot of them out there. Where one might decline an application, another might gladly accept it.
If you’ve been denied credit on the basis of a credit report, the creditor is required to advise of that fact and provide, at your request, the name and address of the credit bureau.
You can contact the credit bureau and ask to examine your file for free. This is your legal right. If the file contains information that isn’t accurate, and it can be proved, the agency is required to make a correction.
