I WAS DENIED CREDIT – WHAT NEXT?
Have you recently been denied credit? What should you do next?
The Fair Credit Reporting Act (FCRA) provides consumers with the right to receive a free credit report after receiving an adverse action letter. An adverse action letter is a letter from a potential creditor which states that you have been denied credit. Most often, the creditor’s decision will be based in whole, or in part, by a credit report prepared by Equifax, Experian or Trans Union.
The adverse action letter must include the name of the CRA that provided the consumers’ credit report for review by the potential creditor. Upon receipt of the adverse action letter, consumers have 60 days to request a free credit report from the consumer reporting agency named in the letter.
When the consumer requests the free credit report within 60 days of receipt of the adverse action letter, the consumer reporting agency has a duty under the Fair Credit Reporting Act (FCRA) to provide the consumer with a free credit report.
It is important to request and review your credit report on a regular basis to verify the accuracy and completeness of your credit report. The Fair Credit Reporting Act (FCRA) provides consumers with a private cause of action for consumers to file suit against the credit reporting agency does not provide the consumer with the free credit report.
Have you requested your free credit report? Have you disputed incorrect information on your credit report without success? Contact consumer protection lawyer Micah Adkins for a free consultation using the contact form below.
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