Under the credit reporting rules that take effect next month, credit providers will have to give loan applicants a lot more information about why they have refused an application.The principal of Bright Law, David Jacobson, said section 16.3 of the Credit Reporting Privacy Code (the code of conduct) requires that where a credit provider obtains credit reporting information about an individual from a credit reporting bureau and, within 90 days of obtaining that information, declines a credit application, the credit provider must provide a written notice of its decision.The notice must state that the refusal is based wholly or partly on credit eligibility sourced from a bureau.It must also explain the individual's right to access credit reporting information without charge and check the accuracy of the information.Jacobson said: "Credit providers are reluctant to provide reasons for refusing a credit application. The code raises the prospect that they will have to give reasons."