How long does a creditor have to notify an applicant of action taken on the applicant's request for credit?

A creditor must notify an applicant of action taken on the applicant's request for credit, whether favorable or adverse, within 30 days after receiving a completed application.

What are the only three reasons a creditor may deny credit?

Except as otherwise permitted or required by law, a creditor shall not consider race, color, religion, national origin, or sex (or an applicant's or other person's decision not to provide the information) in any aspect of a credit transaction.

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Letter Denying Consumer Credit and Notice of Rights under Equal...

Orange California Letter Denying Consumer Credit and Notice of Rights under Equal Credit Opportunity Act

Name: Orange California Letter Denying Consumer Credit and Notice of Rights under Equal Credit Opportunity Act
Brand: US Legal Forms
Rating: 4.72 (380 reviews)

Category:

Loans and Lending - Applications

State:

Multi-State

County:

Orange

Control #:

US-01412BG

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Description

If a user of consumer reports takes any adverse action (such as denial of credit, insurance, or employment) with respect to any consumer that is based in whole or in part on any information contained in a consumer report, the Fair Credit Reporting Act requires that the user:

notify the consumer of the adverse action,

identify the consumer reporting agency making the report, and

notify the consumer of the consumer's right to obtain a free copy of a consumer report on the consumer from the consumer reporting agency and to dispute with the reporting agency the accuracy or completeness of any information in the consumer report furnished by the agency.

Under the federal Equal Credit Opportunity Act, a creditor must notify a consumer applicant for credit of the reasons for any adverse action taken on the application, and must make certain disclosures to the consumer concerning the applicant's rights and the provisions of federal law prohibiting discrimination in credit opportunities.

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FAQ

This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.

What characteristic, when used in deciding whether or not to grant credit, is not considered discriminatory? The provisions of ECOA are meant to promote the availability of credit to all creditworthy applicants, regardless of race, color, religion, national origin, sex, marital status, or age.

The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

A creditor must notify an applicant of action taken on the applicant's request for credit, whether favorable or adverse, within 30 days after receiving a completed application.

Except as otherwise permitted or required by law, a creditor shall not consider race, color, religion, national origin, or sex (or an applicant's or other person's decision not to provide the information) in any aspect of a credit transaction.

If an applicant fails to provide the information in response to an oral request, a creditor must send a written notice to the applicant within the 30-day period specified in §§ 1002.9(c)(1) and (2).

A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application. 30 days after receiving an incomplete credit application.

Asking detailed personal information regarding marital status, such as whether you are widowed or divorced. Creditors are only permitted to ask if you are married, unmarried or separated.

If creditors notice that you don't have enough income in relation to your debt obligations to pay them back, they will deny credit. A bankruptcy on your credit report presents additional risk, and lenders will be weary of approving a loan.

What is the procedure under consumer credit laws when denial of credit is discriminatory? Make threatening phone calls to the creditor. File a complaint with the government. Report the creditor to the Better Business Bureau.

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Orange California Letter Denying Consumer Credit and Notice of Rights under Equal Credit Opportunity Act

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FAQ

What does the Equal Credit Opportunity Act ECOA prohibit?

What characteristic when used in deciding whether or not to grant credit is not considered discriminatory?

What are three reasons you can be denied credit according to the Equal Credit Opportunity Act?

How long does a creditor have to notify an applicant of action taken on the applicant's request for credit?

What are the only three reasons a creditor may deny credit?

When an applicant fails to respond to credit approval within 30 days what happens next?

How soon after a credit application is denied does an applicant need to be notified in writing?

Can you ask a credit applicant if they are divorced?

What is most likely to cause a lender to deny credit?

What is the procedure under consumer credit laws when denial of credit is discriminatory?

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