What if you are not provided reasons for credit denial after asking in writing?

Answer 1

The Equal Credit Oppourtunity Act (ECOA) requires an adverse action (denial) notice be sent to credit applicants within 30 days of the action. This notice must state the primary reason or reasons for denial. You have a right under this act to demand a notice of denial.

Each lender is regulated by a government body that oversees violations of this act. You can report violations to the appropriate regulator:

For retail stores, department stores, small loan and finance companies, mortgage companies, oil companies, public utilities, state credit unions, government lending programs and travel and expense credit card companies, file complaints with:

Federal Trade Commission

Consumer Response Center

600 Pennsylvania Avenue, NW

Washington, D.C. 20580

For a nationally chartered bank, file a complaint with:

Office of the Comptroller of Currency

Compliance Management

Mail Stop 7-5

Washington, D.C. 20219

For a state-chartered bank that is insured by the Federal Deposit Insurance Corporation but is not a member of the Federal Reserve System, file a complaint with:

Federal Deposit Insurance Corporation

Consumer Affairs Division

Washington, D.C. 20429

For a Savings and Loan, file a complaint with:

Office of Thrift Supervision

Consumer Affairs Program

Washington, D.C. 20552

For a Credit Union, file a complaint with:

National Credit Union Administration

Consumer Affairs Division

Washington, D.C. 20456