Reason for being turned down for credit

[freddyj]

Hello,

 

if your turned down for credit, does the organisation have to tell you specifically the reason why?

[121o121]

No, not that I'm aware of.

 

You can get a free copy of your credit file on the experian website. Just make sure you cancel the trial within 30 days or you'll pay a subscription.

 

I checked when I was turned down once and I think it was because I wasn't on the electoral roll.

[LondonPam]

They don't have to tell you why but most of them will tell you if it was the results of something on a credit reference agency. In that instance they will tell you what company they used and you can then get your report and see what may have caused the problem.

[Guest xipetotec46]

In that instance they will tell you what company they used

Hi

Londonpam is correct there are now 3 credit reference agencies and the company who did a search on your credit file will inform you as to which agency they used also their details for getting in touch with them.

[johnhowell]

Hello,

 

if your turned down for credit, does the organisation have to tell you specifically the reason why?

 

I had heard that if you write to the company asking for the reason for being turned down for credit they have to answer. They do not have to if asked verbally.

 

Regards,

John

[Guest xipetotec46]

I had heard that if you write to the company asking for the reason for being turned down for credit they have to answer. They do not have to if asked verbally.

 

Regards,

John

 

Hi

No they will not tell you the reason why, just which credit reference agency they used, their address and their phone number.

[Movingon]

Absolutely correct; they do not, most of the time, even KNOW what the reason was specifically - they simply know that your score did not match their minimum target. Usually, on inspecting your file, you will see something which definitely has an effect. If not, it's probably just that you have lots of credit going and maybe a couple of late payments and maybe you moved house recently etc.

 

The upshot is that they MAY, through goodwill say in their letter something like "we cannot tell you the exact reason you were turned down, but it may have something to do with ."

 

For instance, they once turned around to me and said "it may be because you have not lived at your current address for very long". I can see no reason for them to pick that out unless that was in fact the reason I was turned down.

 

HOWEVER; this will have been a goodwill gesture - there is no legal requirement for them to even respond to your request for a reason.