If You've Been Declined a Loan Due to a Credit Report Error

If there were errors on your credit report that caused you to be turned down for a loan, mortgage, or credit card, there are steps you can take to reduce the past damage caused by this.

First, you must dispute the errors on your credit report (if you do not know how to do this, read our article How to Dispute an Error on Your Credit Report). The investigation usually takes thirty days, so factor this time in, if you are re-applying for a loan.

When you dispute the error, you can request that your credit reporting agency report

But if you have been turned down for a loan, credit card or job due to the errors, you can request that the credit reporting agency send notices of corrections to anyone who received your credit report in the past six months. And if any of them were for job applications, they will send employers and potential employers an updated credit report for all who requested it in the previous two years.

If your dispute is not resolved in your favor, you can also request that the credit reporting agency include a copy of your dispute statement with your credit report and in your credit file.

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