This is a sample Adverse Action Notice. An Adverse Action Notice tells the renter that he was denied or approved with conditions. The difference in approval may be due to information found on a consumer credit report, and gives contact information for the credit reporting agency used so the applicant can access the report too. Â
If you think the info used to deny your application is incorrect, gather your documents and reach out to the credit agency to report the error. Fixing it can clear the air!
The process can vary, but typically, it takes just a few days up to a couple of weeks for the lender to notify you after they have made their decision.
Yes, you can appeal! If you believe there’s been a mistake or want to explain your side, you can certainly reach out to the lender for clarification or reconsideration.
The notice will tell you why your application was rejected, include the name of the credit agency that provided your report, and give you instructions on how to dispute any errors.
You should get the notice soon after your application is denied, usually within a week or so. It’s the law to keep you in the loop.
A Basic Adverse Action Notice is a letter that notifies you that your application has been turned down based on information in your credit report or other background checks.