there is some tips if you are denied credit
if you think the reasons for the denial
are valid:
1Ask the creditor if
you can provide additional information or arrange alternate credit terms.
2Apply to another
creditor whose standards may be different.
3Do the things you
need to do to improve your creditworthiness (pay bills on time, increase
4income, reduce
spending, obtain a secured card, etc.) and then reapply.
if you are not sure whether the reason
for the denial is valid:
1Ask the creditor to
explain why you were denied.
2Review your credit
history.
3If you find your
credit history contains errors, take steps to correct the errors.
if you believe the reason for the
denial is invalid and that the creditor has discriminated
against you:
1. Notify the federal
enforcement agency whose name you were given by the creditor. The federal enforcement agency
will investigate and report back to you.
2 If you can afford it,
hire an attorney to file suit against the creditor. If the court determines the creditor did
discriminate, the creditor will be required to pay you actual damages plus punitive damages
Sets up a procedure for the quick correction of mistakes
that appear on consumer credit accounts.
1You can challenge a
billing statement for errors such as charges for unauthorized purchases,
2charges for items
that were never delivered, failure to credit a payment, etc.
3You must notify the
creditor of a disputed item within 60 days.
4Creditor must
investigate and, within two billing periods, either correct the mistake or explain why the
charge is not in error.
5 You cannot be billed
for or forced to pay the disputed amount until the creditor has finished the investigation.
6 If it is determined
that you are responsible for the bill, you must be given the usual amount of time to pay it.
7 Your credit history
is protected during the dispute process.
8 Creditor must supply
customers with a statement of their rights at the time the account is opened and at least
twice a year thereafter.
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