The Fair Credit Reporting Act (FCRA) is designed to help ensure that credit bureaus furnish correct and complete information to businesses to use when evaluating your application. Your rights include:
The right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
The right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.
Any company that denies your application must supply the name and address of the credit bureau they contacted, provided the denial was based on information given by the credit bureau.
The right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.
If you contest the completeness or accuracy of information in your report, you should file a dispute with the credit bureau and with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.
A right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.
Oklahoma Request for Disclosure of Reasons for Denial of Credit Application Where Action Was Based on Information Not Obtained by Reporting Agency
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How to fill out Request For Disclosure Of Reasons For Denial Of Credit Application Where Action Was Based On Information Not Obtained By Reporting Agency?
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FAQ
A written statement of actual and specific reasons for the adverse action or, if not providing the specific reason within the written notice, a statement that the applicant has a right to receive the specific reason for adverse action if requested within 60 days of the notification.
If the disputed information is wrong or can't be verified, the company is required by law to delete or change the information. It also has to notify all of the credit reporting companies to which it provided the wrong information, so the credit reporting companies can update their files with the correct information.
If a lender rejects your application, it's required under the Equal Credit Opportunity Act (ECOA) to tell you the specific reasons your application was rejected or tell you that you have the right to learn the reasons if you ask within 60 days.
A creditor must disclose the principal reasons for denying an application or taking other adverse action. The regulation does not mandate that a specific number of reasons be disclosed, but disclosure of more than four reasons is not likely to be helpful to the applicant.
An adverse action notice is to inform you that you have been denied credit, employment, insurance, or other benefits based on information in a credit report. The notice should indicate which credit reporting agency was used, and how to contact them. You are entitled to a free credit report if: 1.
Regulation B A written statement of actual and specific reasons for the adverse action or, if not providing the specific reason within the written notice, a statement that the applicant has a right to receive the specific reason for adverse action if requested within 60 days of the notification.
They do not meet the creditor's minimum income requirement; They have not been living at your address or working at your job for the required amount of time; They are too near their credit limits; and.
A statement of action taken by the creditor. Either a statement of the specific reasons for the action taken or a disclosure of the applicant's right to a statement of specific reasons and the name, address, and telephone number of the person or office from which this information can be obtained.
