Banks should clearly explain the reason for declining an application

• Petition

Petition Action

Banks should clearly explain the reason for declining an application

Petition Details

When a customer applies for a financial product online or in the branch and the application is refused, banks give a standard response saying "the application was declined due to your financial circumstances".

Additional Information

There is no clear explanation on what evidence from one's credit profile the application was refused.
If this information is produced by the banks (example - due to defaults on your profile or because on bankruptcy filed or not enough evidence of managing credit etc), it will be useful information for the customer to work with.

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