We regret to inform you that after careful consideration we are unable to open an account for you at this time.
Heard that before? If so, you may be feeling down on your luck or in a panic to get another form of credit elsewhere. But stop, think, and turn bad news into good news.
Sure you got denied on your new credit application, but opportunity awaits.
Every time you are denied credit for any reason, you have the right to know the credit information the creditor received which led to the decision, as well as the right to request a free credit report from the agency listed on your denial notice.
This is one of the many statutes contained in the Fair Credit Reporting Act, which affords certain protections to consumers regarding credit.
You’ll also see the name of one of the three credit reporting bureaus, along with all the accompanying contact information on the letter, making it easy to make the request for a free credit report.
There will also be a reason or two listed as to why you didn’t qualify for the credit card, auto lease, or mortgage. This information is gold if you want to better understand your Fico score.
If you choose to obtain the free credit report you’ll also be able to dispute any information contained on the report to ensure it’s accurate. This is a great opportunity to review your credit profile and determine what needs to be fixed or cleaned up.
So in essence a decline letter doubles as a free credit report, the ability to dispute anything on your credit report, and a lesson in credit reporting.
Not bad for a declined credit application right?