In either of these cases, there are steps you can take to remedy the situation. For instance, if you are refused credit because of a poor credit rating, you are entitled to a free copy of the report from the credit reporting agency. You can then challenge any errors and can also insist that the credit reporting agency include your side of any unresolved credit disputes in its reports. If your credit history is not accessible, you should start repaying debts to get current. Once you have improved your credit profile, you may be in a better position to apply for a loan.
Many lenders have a second level of review for denied loans.
These affordable loan products allow for a lower down payment, more flexible underwriting ratios, and a nontraditional credit history. These agencies can help you develop budgets and arrange repayment plans that are acceptable to you and your creditors. All rights reserved. All rights reserved. More information .