Does a company have to tell you the reason you are declined?

slugger09

We always get the standard check your credit file, but I heard on one of them consumer programmes they have to give you the specific reason but it may take a bit of a push for them to do so, Is this true?

bottleofred

Hi Slugger,

Not that I know of. People can be declined for credit for loads of reasons including late payments, defaults, ccjs, using too much of their available credit (for example if they had credit cards with a total limit of £10000 and they owed £9000 on them, then they have used 90% of their available credit and this can make companies nervous). It simply may be though that you do not meet their credit scoring system as many companies use different methods to credit score. If declined though, you should get a copy of your credit file from all 3 credit reference agencies as the information may differ on 1, 2 or all of them.

Billy_two_speakers

slugger09 wrote: »

We always get the standard check your credit file, but I heard on one of them consumer programmes they have to give you the specific reason but it may take a bit of a push for them to do so, Is this true?

No they don't most say check your credit history, but as all compaines use the information in different ways depending on the product and where its placed in the market thats not going to tell you much.

Its not rocket science if your posting on here there is a good chance your credit rateing is sick and if its not that bad and you have been busy shopping around then you might have had too made credit checks run that gets them very excited too

sharpy2010

They've no need to tell you exactly why they declined you, and in fact most of them will give a really woolley and nonsensical reason if you ask them. Sometimes the advisor you speak to won't know, and other times they'll just make something up to get you off the phone. Unfortunately thats just the way it is!