Asked by: Gang Aioaneiasked in category: General Last Updated: 30th June, 2020
Is it legal for a creditor to deny an applicant?
Similarly, you may ask, what are your rights if you are denied credit?
Your rights under the Equal Credit Opportunity Act: You cannot be denied credit based on your race, sex, marital status, religion, age, national origin, or receipt of public assistance. If you are denied credit, you have a legal right to know why.
Additionally, can a credit bureau approve or deny an application for credit? When you apply for certain products and services, the creditor will review a copy of your credit report to figure out whether you meet the qualifications. If there's information in your credit report that doesn't meet the creditor's standards, e.g. too many new accounts, the creditor may deny your application.
Hereof, what are three things that are lawful for creditors to ask you regarding obtaining credit?
Impose different terms or conditions, like a higher interest rate or higher fees, on a loan based on your race, color, religion, national origin, sex, marital status, age, or because you receive public assistance. Ask if you're widowed or divorced. A creditor may use only the terms: married, unmarried, or separated.
Is your credit report available to anyone?
According to the federal Fair Credit Reporting Act, only those with a legitimate need can request – and obtain– a copy of your credit report. However, not all of them need your permission to view your credit reports. The great thing about your credit reports is that they show you who has accessed them.