If your application is denied due to the consumer banking report, the bank must tell you who generated the report and how to contact them. Use this information to obtain a copy of your report. Under the FCRA, you are entitled to a free copy of your report any time you are denied an account based on your consumer banking report.
If denied, here are three things you can do:
- Ask the bank to reconsider. Give your reasons and make your case. The bank is not bound by the report and may grant you an exception.
- File a formal dispute. If information in the report is not accurate and the bank won’t reconsider, you have a right to file a dispute with the reporting agency.
- Look into a “second chance” account. This type of account, offered by some banks, typically has higher fees and more restrictions but provides a pathway to rebuild your checking account reputation.