If a consumer's application for credit is denied, the creditor must provide written notice to the consumer containing what information?
A) the name and address of the federal agency regulating compliance by the creditor
B) a list of other possible sources of credit
C) either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons
D) the name and address of the federal agency regulating compliance by the creditor and either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons
E) the name and address of the federal agency regulating compliance by the creditor and either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons and a list of other possible sources of credit

Question

Quizplus · Accepted Answer

The creditor must provide the name and address of the federal agency regulating compliance, as well as either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons. A list of other possible sources of credit may be provided, but it is not required. Therefore, option D is the best choice as it includes all the required information.

If a Consumer's Application for Credit Is Denied, the Creditor