What if I'm turned down for credit?
If you have been turned
down for credit, the Equal Credit
Opportunity Act (ECOA) gives you
the right to obtain the reasons
why within 30 days. You are also
entitled to a free copy of your
credit bureau report within 60 days,
which you can request from the credit
reporting agencies. If the score
was a primary part of the lender’s
decision, the lender will use the
score reasons (see left) to explain
why you didn’t qualify for
the credit. To get more specific
information on what your score is
and how you could improve it, go
to www.myfico.com. |