Under the ________,if the creditor takes an adverse action,the creditor must provide the applicant with a statement containing the specific reasons for the action.

Question

Quizplus · Accepted Answer

The provision mentioned in the question is a part of the Equal Credit Opportunity Act (ECOA). The ECOA prohibits creditors from discriminating against credit applicants based on their race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. If a creditor takes an adverse action against an applicant based on any of these factors, they must provide a written statement of the reasons for the action.

Under the ________,If the Creditor Takes an Adverse Action,the Creditor