I applied for a credit card and got a denial letter. But in the letter it says the reason for denial is because:
"Your credit report reflects charge off(s) or bad debt collections(s)"
"Your credit report reflects delinquent past/present credit obligations"
I don't understand this. I have a cell phone but I always pay on time. Otherwise I don't have any bills and I don't owe any money. I thought if I got turned down for the credit card it would be because I have no credit but this denial letter is confusing me. I called the credit card company and they were very unhelpful. When I called the credit report company, it was all automated.
2006-12-15 07:16:00 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
The letter should have stated which bureau they used to inquire about your credit history. Since you were denied credit, you are allowed a free credit report from that bureau. (You do have a time limit, usually 30 days from the date the letter was sent to you.) Get your free credit report from that bureau. There maybe something on there that you don't know about or which is inaccurate. Verify the report and dispute any inaccurate data. The company you applied with is saying your report shows a bad debt or a charge-off and late payments. If you didn't like the automated telephone version, try getting the report online. I've received my reports online before and haven't experienced any issues in the process. You can also dispute the info online.
2006-12-15 17:28:55 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
You can go online and request a free copy of your credit report from each credit bureau, Experian, TransUnion, and Equifax. You are entitled to one free credit report per year from each bureau.
Once you receive the copies of your credit reports, you can find what is being reflected as bad or delinquent debt and then deal with it and/or the companies if there is something you disagree with.
You should get these copies yearly even if you didn't have problems so that you can identify fraud or identity theft.
2006-12-15 07:26:52 · answer #2 · answered by happyand_ya_knowit 2 · 0⤊ 0⤋
Go to www.annualcreditreport.com and get a free copy of your credit report from each company. Annualcreditreport.com is a website set up by all three major bureaus under orders of the US Supreme Court.
After reviewing all three, write a dispute letter to each bureau for any account you feel is not your or not up to date. The bureaus will request proof from the companies. If the companies can not prove that the debt is valid, it is removed from yoru report. If they prove validity of the account it is put back on. If that happens, you may have to contact a lawyer.
2006-12-15 07:48:33 · answer #3 · answered by dougzinboston 4 · 0⤊ 0⤋
If you were denied credit because of the report you can in writing within 30 day request a free credit report from the credit bureau it is a federal law. You need to know which company reported you wrongly. When you review your report and find there wrong information write to them to correct. If they will give you run around fire complain with your state consumer protection agency.
2006-12-15 07:29:55 · answer #4 · answered by bibus75 5 · 0⤊ 0⤋
Uh Oh ... that might mean someone else has use your identity. Request a free report right away and dispute any information that you do not have knowledge of. Do it fast!
2006-12-15 16:19:21 · answer #5 · answered by a9113257311 3 · 0⤊ 0⤋