The requires creditors to notify a potential recipient of credit whenever any adverse action or denial of credit was based on a credit report.

Question

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The Fair Credit Reporting Act (FCRA) mandates that creditors must inform applicants if a decision (such as denial of credit) was made based on information obtained from a credit report. This includes providing the name of the credit reporting agency that supplied the report.

The Requires Creditors to Notify a Potential Recipient of Credit