Has anybody any idea what notifications are required from a creditor when they do not approve a credit card application? If legal notifications are not furnished, what recourse does a consumer have?
I'm not 100% sure on this, and hopefully someone will chime in, but I believe they are required to notify you of their decision and give you the CRA they pulled the information from. This would entitle you to a free pull of that CRA.
Decliing credit is considered an "adverse action" under the FCRA, and the responsibilities of the creditor are set forth in FCRA 615 if their delination was based in whole or in part on information in a consumer credit report.
In a nutshell, they must provide the name and address of the CRA they obtained the report from, and provide the consumer notice that they can mail a copy of the declination letter to the CRA within 90 days and receive a free copy of their CR from the CRA. The credtior is not required to provide a copy of the report.
That fine print should have been included in their letter.
If they failed to do so, that is a violation of the FCRA, which would be pursued either administratively by complaint to the FTC or by bringing civil action against them.