the consumer is entitled to receive a letter from the lender that disapproved the loan explaining why they got denied
New York, NY (PRWEB) February 21, 2016
National Debt Relief recently shared in an article published February 2, 2016 some helpful tips consumers can look into when they get turned down for a loan application. The article titled “A Guide to Surviving Loan Denial” looks at the next logical steps on how consumers can move forward after getting disapproved.
The article starts off by pointing out that getting turned down with a loan application can be an unsettling and even scary experience for consumers. This can be a mortgage loan for a house they have been eyeing to buy for a long time. It can also be a loan they need to be able to launch a business idea that they have.
The article shares that the consumer is entitled to receive a letter from the lender that disapproved the loan explaining why they got denied. While waiting for this, consumers are also entitled to what is called “adverse action” credit report. This is the same credit report the lender used in processing and deciding on that denied loan.
Consumers also need to remember that they are entitled to a free annual copy of their credit report from credit reporting bureaus like Experian, Trans Union and Equifax so they do not actually have to wait for the “adverse action” report or even that letter the lender will be sending over to them.
The article also shares that reviewing the credit report might be a little frustrating to consumers not to mention time-consuming. It will be quite challenging to understand because the document was designed to be read by the lenders and not consumers. Because of this, there might be parts or even terminologies that ordinary people might not understand. When this happens, it is best to talk to the lenders and ask about it.
To read the full article, click https://www.nationaldebtrelief.com/a-guide-to-surviing-getting-turned-down-for-a-loan/