Don't get dejected when you find a rejection letter in your mailbox. Strange
it might sound but the rejection letter brings two major advantages with it. It
is a real opportunity, waiting to be exploited, provided we look towards it with
the right attitude. Now, you must be wondering that what two big advantages does
a rejection letter brings? Read on and enlighten yourself.
1. The first advantage that comes with a rejection letter gets its validity from
a statute in the Fair Credit Reporting Act. This Act offers some good protection
to credit card owners. According to this act whenever you are denied a
credit for some reason, you have the right to know what circumstances or facts
led to that rejection. So, if you are rejected because a particular credit
rating agency has made adverse credit remarks in your credit report, the credit
card company that has rejected you must state the name of related credit rating
agency and their remarks to you. Further, the Fair Credit Reporting Act states
that every rejected person is entitled to request a free credit report from the
credit rating agency listed in your rejection letter or denial report. So, you
get a free credit report.
2. The second big benefit that a rejection letter or denial report brings to you
is the exact reason, which led to the unfortunate decision. The importance of
this information can't be understated, and it can be successfully used to
rebuild your credit history.
Attitude matters here, though the rejection letter or denial report gives you
certain things that can become tools for your credit repair, but it all depends
how well you use them. Why wait for a rejection letter to get a free credit
report? Every credit rating agency is legally bound to supply you a free credit
report annually. Get it, check the discrepancies if any and use it to improve
your credit rating. Checking out the exact option that led to your
disqualification or rejection might lead to certain discrepancies at the end of
that particular lender, which might be corrected by providing the right
information. This might change how you look at your next rejection letter ( if
you get it).