Researching finance rejections

[flurdy]

What information am I entitled to if a finance application has been rejected? Can I find out a specific reason?

In this case the finance application was with Dell, handled by Permanent TSB>

 

[CCOVICH]

You can request any information the lender has on file about you under the Data Protection legislation.

This may or may not actually record the reason for rejection.

You may also want to request your credit record from the Irish Credit Bureau.

Have you already asked why you were rejected?

 

[moneyhoney]

You're not entitled to a reason why you are refused credit. But check your credit file with the Irish Credit Bureau - may shed more light. Do a search on this forum & you'll find details.

 

[flurdy]

You can request any information the lender has on file about you under the Data Protection legislation.

This may or may not actually record the reason for rejection.

I hadn't thought of that, thanks.

You may also want to request your credit record from the Irish Credit Bureau.

I did that earlier in the year, and specifically applies for this finance taking that into account.

Have you already asked why you were rejected?

I did previously, they refused to tell me.

You're not entitled to a reason why you are refused credit.

Out of curiousity - i.e. I'm not trying to be rude - are you stating a fact here or your understanding? It sounds like you're stating a fact, and sometimes people do that when it's just their opinion or their understanding of something.

Thanks

 

[nlgbbbblth]

You're not entitled to a reason why you are refused credit.

The lender is perfectly entitled to give the prospective borrower an accurate reason for a credit decline. In my experience, it is good business practice to explain to the individual why he/she has not been successful in their application.

 

[Snork Maiden]

You're not entitled to a reason why you are refused credit.

I would have thought (my opinion not fact) that the reason for credit refusal would come under data protection.

Same why you're entitled to know why you are not successful at a job interview and can review interview notes and other information held on a recruitment file fact . I would imagine all credit institutes would keep on file past credit applications and their status. Hence this would imply that the data is held on file which you are entitled to under the data protection act!

 

[moneyhoney]

The lender is perfectly entitled to give the prospective borrower an accurate reason for a credit decline. In my experience, it is good business practice to explain to the individual why he/she has not been successful in their application.

The lender is not legally obliged to give a reason why they refuse to lend someone money. Some will give reasons in pactice, e.g. we think you're over-extended, but the point is that there is no legal obligation to do do.

 

[CCOVICH]

The lender is perfectly entitled to give the prospective borrower an accurate reason for a credit decline.

Perfectly entitled-yes. But legally bound?

 

[nlgbbbblth]

Perfectly entitled-yes. But legally bound?

not legally bound, no.

in practice a good percentage of applicants will be given a valid reason for refusal. Sometimes they may have to ask.

 

[lff12]

A lot of lenders will tell you what the problem is. Trouble with the likes of Dell is that its handled by a 3rd party so it may be difficult to access the 3rd party lender. In most cases its due to ICB report issues, however, lenders are known to turn you down for petty things such as the fact that you recently changed job or address.

My response to Dell and its lenders would be to simply state that as a result of not getting credit you will be taking your business elsewhere and that they have just lost your business. Oh and don't forget to tell all your friends . . .