Several federal laws prohibit lenders, credit card companies, and other creditors from discriminating against certain groups of people when making decision about lending money or extending credit. It's important that those in the credit business don't discriminate illegally, because otherwise, many people could be unfairly excluded from the credit world, or forced to pay more for credit. Below you can learn what creditors cannot do, and where to complain if you feel that a lender or creditor has broken the law.
Do Lenders Have to Tell You Why You Are Denied Credit?
If you get turned down for a loan or credit, the creditor must give you a notice explaining why.