Like It Or Not, You Have A Score To Settle (Part 2)

by: CreditandYou.com

In part 1, we covered the basics about credit scoring – what it is and how it is calculated. It’s time to address the critical question ...

What happens if you are denied credit or don’t get the terms you want?

The Equal Credit Opportunity Act requires that the creditor give you a notice either with the specific reasons your application was rejected, or stating that you have the right to learn the reasons if you ask within 60 days.

NOTE: Indefinite and vague reasons for denial are illegal, so ask the creditor to be specific.