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onable period
of time after getting all the necessary information on which to
base a decision, the lender must decide and let you know
whether or not you get the credit. Then you'll have 60 days in
which to ask for a written statement of the reasons why you
were denied credit; this is important to remember because the
lender need not notify you of this right. The creditor will
keep records of your application for at least 60 days after
telling you of the credit decision. If you request that records
be kept longer, or ask for a written statement of the reasons
for denial, records will be kept for one year.
Equal Credit Opportunity Act
Obtaining credit can be a difficult process for any
business owner and especially for first-time borrowers. But keep
in mind that different lenders have different standards; if you
did not meet the standards of a particular restitution, you may
still qualify elsewhere. If you have a full understanding of why
the initial lender didn't approve your application, with time
and more attention to these areas, you can improve your proposal
as a result and may succeed the next time you apply.
Women and minority applicants may be concerned that they
have received less favorable treatment which is unrelated to
their creditworthiness. All business applicants have certain
protections against unlawful discrimination under the Equal
Credit Opportunity Act. The Act makes it illegal for lenders to
deny your loan application, discourage you from applying for a
loan, or give you less favorable terms than another applicant
because you are a woman or a minority group member.
Under the law, a lender may not take factors such as sex,
race, national origin, or marital status into account.
In addition, the lender may not ask for information about
your spouse unless your spouse has some connection to the
business, or unless you are relying on your spouse's income to
support your credit appli
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