I had applied for a small loan and after receiving the reasons for its denial I noticed two reasons were something to the effect of “Delinquincy, public record, nonpayment”, or something similar. This alarmed me so I went to the official free credit report site and checked my history. The report I received on this site(through Equifax) did not indicate ANY negative history so I was confused as to why the bank’s credit check would.
I have several tens of thousands of dollars in debt due to student loans for law school but those don’t have to be paid back until after I graduate in 2009. My other credit history is small and I know I never missed any payments on any of my bills.
The only things I think it could be are either tickets/criminal history or overdrafting an account(which I’ve done once or twice). Would these qualify for the description the bank gave me? Why didn’t these things show on the free report? Sorry for the length but I wanted to be accurate.
A few additional details in light of the first answer. I should say that the main reason I was told I was refused was because of 1)a lack of credit history and 2)no paying job. The lack of credit history means I did not have any previous lines of credits with debt payable to a financial institution. My internship is for a government position(prosecutor) and is unpaid. Also any overdraft was immediately corrected.
I didn’t see any of the three reporting agencies on the letter but I’m sure I can give the bank a call and find out. I did receive my free report from the official site so hopefully I can still get additional ones from the other two agencies. Still does anyone have any ideas what these negatives could potentially be?
Lloyd
#1 by Andrea T on April 2, 2010 - 1:36 am
Anthony
In the denial, it should have said which company has the negative information. If you have a copy of your Equifax with no negative info and they say they used Equifax, you should go talk to them with the denial letter and the report. There may have been an error when your loan application was entered.
Your tickets and/or criminal history shouldn’t have anything to do with it unless you were ordered to pay something and didn’t. On the overdrafts, did you pay it off or is it still outstanding?
Start with the denial letter and work from there. You did go to, right? That should give you access to your reports from the 3 major reporting companies, not just Experian.
#2 by Carlton W on April 4, 2010 - 5:40 pm
Bonnie
If you went to annualcreditreport.com for your credit report, you should have gotten reports from Equifax, Experian and TransUnion, not just from Equifax. It appears that either Experian or TransUnion has derogatory information about you that you are unaware of. I suggest that when you get reports from these two credit agencies that you see if what was reported is accurate and even if it is not, you can try to challenge the validity of the negative activity. If the reporting entity cannot prove that “Delinquency, public record, non-payment, etc” is valid, it must be removed.
Been there, done that.
#3 by Jennifer on April 7, 2010 - 5:52 am
Glenda
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