If you've been denied credit, or didn't get the rate or credit terms you want, ask the creditor if a credit scoring system was used. If so, ask what characteristics or factors were used in that system, and the best ways to improve your application. If you get credit, ask the creditor whether you are getting the best rate and terms available and, if not, why. If you are not offered the best rate available because of inaccuracies in your credit report, be sure to dispute the inaccurate information.
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days. Indefinite and vague reasons for denial are illegal, so ask the creditor to be specific. Acceptable reasons include: "Your income was low" or "You haven't been employed long enough." Unacceptable reasons include: "You didn't meet our minimum standards" or "You didn't receive enough points on our credit scoring system."
If a creditor says you were denied credit because you are too near your credit limits on your charge cards or you have too many credit card accounts, you may want to reapply after paying down your balances or closing some accounts. Credit scoring systems consider updated information and change over time.
Sometimes you can be denied credit because of information from a credit report. If so, the Fair Credit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. You should contact that agency to find out what your report said. This information is free if you request it within 60 days of being turned down for credit. The credit reporting agency can tell you what's in your report, but only the creditor can tell you why your application was denied.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1614643
For licensing Informmation go to:
www.nmlsconsumeraccess.org
State of Illinois, Division of Banking
Illinois Department of Financial and Professional Regulation (IDFPR)
555 West Monroe Street, 5th Floor
Chicago, IL 60661
Telephone Number: 1-888-473-4858
6515 Stanley Ave. Suite 2
BERWYN, Illinois 60402
Phone: (773) 720-4971
mauricio_echavarri@outlook.com
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this communnity, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encourage. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit a signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issue.
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