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Dude, You're Not Getting a Dell

Computer giant suspends credit to mortgage companies

October 24, 2007

By MortgageDaily.com staff


Dell Inc. is denying credit to mortgage companies.

The Austin, Texas-based computer giant has sent statements to mortgage companies explaining that they will no longer be able to finance computers, according to a copy of one letter to a Monroe Township, N.J.-based mortgage company.

"After a careful review of your Dell Business Credit Account and our concern about the overall creditworthiness of the mortgage lending industry, we have suspended all credit authorizations on your account," a letter from Dell Financial Services addressed to Diamond Mortgage and reviewed by MortgageDaily.com stated.

As with declined mortgage borrowers, the letter cited the Equal Credit Opportunity Act Notice and indicated a statement explaining the reason for credit denial would be forthcoming within 30 days, though other dialogue suggested that Diamond would need to contact Dell within 60 days to obtain the statement.

"You have a right to a written statement of the specific reasons for the denial," the letter said. "You will be unable to make any purchases."

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