QuestionJune 2, 2025

4) If a lender denies your loan they're required by law to provide the applicant with an explanation and share the credit score they used to make the lending decision. True False

4) If a lender denies your loan they're required by law to provide the applicant with an explanation and share the credit score they used to make the lending decision. True False
4) If a lender denies your loan they're required by law to
provide the applicant with an explanation and share the credit
score they used to make the lending decision.
True
False

Solution
3.4(207 votes)

Answer

True Explanation Under the Equal Credit Opportunity Act (ECOA), lenders must provide a notice of action taken, which includes reasons for denial and information about the credit score used in the decision-making process.

Explanation

Under the Equal Credit Opportunity Act (ECOA), lenders must provide a notice of action taken, which includes reasons for denial and information about the credit score used in the decision-making process.
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