I just got notified that my bank denied me a loan even though I've been with them for 8 years. I have a good track record and everything, but the advisor just gave me some vague explanation about 'internal criteria'. What can I do or where do I file a complaint?
Request in writing that the bank provide you with the specific reasons for the rejection, because they're legally required to explain their evaluation criteria to you (even if it's generic), and that documentation will be useful both for appealing and for switching to another bank if you need to. If they don't give it to you clearly, you can file a complaint with the Bank of Spain or your country's regulatory body, which usually respond when there's a lack of transparency in the denial. Also check your credit history with the agencies (Equifax, Asnef, etc.) in case there's something you're not aware of, and consider asking another bank if that rejection doesn't make sense given your profile.
You have the right to get an explanation in writing, but here's what matters: don't expect a detailed response from the bank because legally they can hide behind "internal evaluation criteria" without getting into specifics, so even if you request documentation, it'll probably be pretty generic. What I'd recommend is checking your credit report with Equifax, Experian, or ASNEF to see if there's anything weird there (old debts, missed payments you don't remember, errors), because that's usually the real reason for rejections and it's something you CAN fix. If you find errors in your credit history, you do have the right to dispute them. And if your history is clean and the rejection seems unjustified to you, you can file a complaint with the Banco de España, which is your official option when the bank won't give you satisfactory explanations.
What they mention about asking for written documentation is fair enough, but before you go down that route you could try something simpler first: call the credit department directly and ask to speak with someone different from the advisor who dealt with you. Sometimes the first contacts are pretty surface-level, and if you push politely, they'll give you more details. If they still give you the runaround, that's when you demand in writing that they justify the rejection, which is your right as a customer.
I've seen banks reject applications for things as simple as an outdated credit report or because your profile doesn't fit the specific product you requested, and they never just mention it like that! What the others aren't making clear is that even if you ask for written documentation, the bank can take weeks or even deny access to "internal criteria" claiming trade secret, so before you get caught up in that bureaucracy, call the branch directly and ask if there was some technical factor like a low credit score, debt level, or simply that the amount you requested doesn't qualify for your profile.
If that still doesn't give you a clear answer, then send a formal complaint in writing and consider contacting your country's financial superintendent because banks have to explain something more than "internal criteria" - that's too vague!
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