Recently I applied for credit card with HSBC. Initially I received the Security PIN then it was followed bya letter that said the credit card has been cancelled and advised me to destroy PIN and/or credit card in my posession. When I wrote to the bank for explaination an erroneous application processing entry as the reason. I wrote back to tell me the exact reason for cancellation/denial and also offered to submit any other document that they may require in order to approve the credit card. This was 10 days back and I am yet to receive a reply. Does anyone have a suggestion?
2007-02-16 02:26:19 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes sir of course the service provider has to give a reason for rejection of the service. This reason has to be objective and not subjective.
If you had applied for the card and in response you had received the same, you have right to take up the matter with the Banking Ombudsman against the bank for unilaterally cancelling the card that they actually issued.
Normally such cancellation can occur only in cases where the information given by the applicant turns out to be incorrect. If you had given all the complete information that has been asked for you are entitled for explanation from the Bank for such unilateral backing out of the contractual obligation.
2007-02-19 00:34:11 · answer #1 · answered by concerned citizen 2 · 0⤊ 0⤋
A bank is not required to issue a credit card. However, if their decision was based on information in your credit report, then they must tell you that and must tell you which credit reporting agency they used. U.S. passports and social security cards are property of the federal government, not you. If anyone refuses to return them, you should immediately notify the agency that issued them; the federal government will demand the document from whomever has it and/or will issue a new one to you. If the document is the bank's own application form, there is no reason for them to return it.
2016-05-24 06:43:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Actually they do not have to tell you why you were denied, they are to send you a letter showing the credit agency that they used to determine the denial. It is then up to you to contact the 3 agency, transunion,equifax,experian. and find out why you were denied by looking at your score. you are now entitled to your free credit report and score for being denied. So send a copy of the denial letter to the agency and they will send you your report. I myself have been doing a lot of research on these matters, and i am into credit repair as well.
2007-02-23 20:08:21 · answer #3 · answered by chocolate 1 · 0⤊ 0⤋
Banks should give you reason for rejecting your application. That is applicable to any bank and anywhere in the world. That is banking.
2007-02-16 02:32:01 · answer #4 · answered by Expression 5 · 0⤊ 0⤋
They are not legally obliged to tell you the reason for denial
2007-02-16 02:48:30 · answer #5 · answered by Prashant P 2 · 0⤊ 0⤋
There are banks in India?? damn.....
2007-02-16 02:28:44 · answer #6 · answered by eddie_baller 2 · 0⤊ 0⤋