A business must notify an applicant within 30 days of the decision made on the application for credit.

Question

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The Fair Credit Reporting Act (FCRA) requires that a business must notify an applicant if it has taken an adverse action (such as denying an application for credit) based on information in a credit report. This notification must be provided within a reasonable time, which is generally interpreted as within 30 days of the decision.

A Business Must Notify an Applicant Within 30 Days of the Decision