When you have been denied a loan, you should be notified of this by the loan company. You will also be notified of which credit reference agency was used to check your credit research file. After this, you will be able to approach the agency that reviewed your file and request a copy for yourself. You also have the option to contact the loan company and request information on the reasoning behind why you were refused a loan. However, they are under no legal obligation to supply you with a detailed explanation of their reason.
Once you have a copy of your credit research file, if there is a mistake in the file, you can dispute it. To do this, you will need to write to the credit research agency explaining the error and providing evidence of any mistakes. The agency will have 28 days to resolve this dispute. Applying for loans after you have been denied one is a choice to be thought over carefully. It is recommended that you obtain a recent credit report confirming the issue has been resolved before applying again, as any subsequent applications made will show up on your credit file and could damage your credit rating.
How we can help
Lestons can either assist with obtaining an explanation of the refusal reasons. To create a case so that we can liaise with you over your needs just click the link at the top of this page, our staff are ready and eager to assist you in any way possible.
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