Have you ever been turned down for a credit card and wondered why? Or gotten approved for a car loan or mortgage but suddenly the interest rate and fees are much higher than in the initial quote?
There are many legitimate reasons why people are denied credit — insufficient income or a poor track record on past loan repayments, for example. But sometimes people are denied credit because of discriminatory lending practices — which are not always easy to spot.
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Jason Alderman directs Visa’s financial education programs. Follow him on Twitter at PracticalMoney.