A declined customer wants to know why their EA loan application was declined. What should you advise to them
If a customer in Louisiana has had their EA (Emerald Advance) loan application declined and wants to know why, you can advise them to take the following steps: 1. **Contact the Lender**: Encourage the customer to contact the lender directly. The lender can provide specific reasons for the decline, as they have access to the details of the application and the criteria used for decision-making. 2. **Review Adverse Action Notice**: If the application was declined, the customer should receive an adverse action notice. This notice will typically outline the reasons for the denial and may include information about the customer's credit report if it was a factor. 3. **Check Credit Report**: Suggest that the customer review their credit report for any inaccuracies or issues that might have contributed to the decline. They can obtain a free credit report from each of the three major credit bureaus once a year at AnnualCreditReport.com. 4. **Understand Eligibility Criteria**: Explain that lenders have specific eligibility criteria, which may include credit score, income level, and debt-to-income ratio. Understanding these criteria can help the customer identify areas for improvement. 5. **Consider Other Options**: If the customer still needs financial assistance, discuss alternative options, such as other types of loans, financial assistance programs, or budgeting strategies. 6. **Seek Financial Advice**: Recommend that the customer seek financial advice or counseling if they need help understanding their financial situation or improving their creditworthiness. By following these steps, the customer
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