There are certain requirements that one needs to fulfill in order to get their credit application approved, including credit card, personal loan and mortgage application. On top of the requirements that each individual bank has, some banks or financial institutions would consider your credit history as part of the approval process when you apply for credit. According to the Code of Practice on Consumer Credit Data from the Office of the Privacy Commissioners for Personal Data (PCPD), if the lenders accessed your credit record during the approval process and your application is being declined, TransUnion is required to provide a free credit report based on the following circumstances:
Your credit application is being rejected by the lender*, including credit card, personal loan and mortgage.
The lender* accessed your credit record from TransUnion as part of the approval process.
One must redeem his/her free credit report by following the instructions on the rejection letter at earliest convenience.
*Only applicable to Members of TransUnion, including banks and financial institutions
A low credit score could be one of the many reasons that your credit application is being declined. By checking your credit report with Transunion, you can find out the core reasons that is affecting your credit score. Improving your financial health would be the way to raise your credit score, so that you are well prepared for your future credit application. If your credit application is being rejected, you can redeem a free credit report by following the instructions on the rejection letter.
Learn more on how to redeem your free credit report.