If you get turned down for a loan or mortgage, you have the right by law to know why, and finding out is in your best interest. You must, within ten days of receiving the notice stating denial of credit, contact in writing the company that rejected you. The lender must tell you specifically why your application was denied. You can then decide if you should reapply with the same lender supplying new or corrected data or apply somewhere else.

Finance

Tags: credit, mortgage