If you are turned down for a loan, what to do? A provision of the Dodd-Frank financial reform law that went into effect last week mandates that should you be denied a loan, the lender must provide you with an “adverse action” notice that will include your credit score as well as explain why you were turned down.
Many factors can affect your credit score such as paying your bills on time, how much debt you have, your available credit limits, length of credit history and applying for new credit. The reason given for your denial will help assist you in improving your score. For more information on factors that impact your credit score, you can visit: http://www.federalreserve.gov/consumerinfo/fivetips_creditscore.htm
For information on general real estate topics, short sales and bank foreclosures, please visit Ed and Terri Smith at http://www.FloridaBrokers.com
or email us at smith@realtor.com