I submitted a credit card application with Navy Federal Credit Union knowing that my chances of approval would be slim, due to credit history. I was n’t surprised that I was denied when I received my adverse action letter however, the reason for denial felt discriminating. To my understanding if reason for denial was based off of credit history, it should have been specific what the decision was based off of. None of that was indicated, and I assumed that it was my bankruptcy on file that affected my chances. If so, that still was n’t the case. Regardless of the reason, consumers should be aware of the specifics of denial. This would alert consumers of ANY negative reporting that causes a huge impact on their credit. A possibility of something a consumer is n’t aware of ; which would then be considered fraudulent activity.
The reason for my DENIAL is stated below : ** YOU CAUSED NAVY FEDERAL A LOSS ** This is NOT a legitimate reason for myself as a consumer. There are so many regulations in place regarding consumer rights and protection, yet many consumers need to take actions themselves because certain regulations are n’t being followed.