A first step is to reach out to your creditor and confirm why your business was denied a loan. If you’re unable to get answers — or feel you aren’t being told the truth — reach out for help:
Submit a complaint. Start a complaint with the Consumer Financial Protection Bureau (CFPB) if you believe a lender has discriminated against you. Because the CFPB is a government agency, companies take it seriously — the CFPB states that most complaints are responded to within 15 days.
Contact your state attorney general. Your state may have its own consumer reporting laws that offer further protection for borrowers the federal government may not cover. Reach out to your state’s attorney general to discuss the laws and legal options that might be available to you.
File a lawsuit. If you believe a creditor denied your application because of discriminatory practices, you have the right to sue the creditor in a federal district court. If the creditor has denied multiple business owners, you are also able to file a class action lawsuit against the creditor. Speak with a lawyer or attorney for your best options and to ensure you have solid grounds for a lawsuit.