Which federal consumer credit law requires creditors to inform applicants of acceptance or rejection of their credit application within 30 days of receiving a completed application?
A)Truth in Lending Act
B)Fair Credit Reporting Act
C)Fair Credit Billing Act
D)Equal Credit Opportunity Act
E)Fair Debt Collection Practices Act

Question

Quizplus · Accepted Answer

The Equal Credit Opportunity Act (ECOA) mandates that creditors must notify applicants of the acceptance or rejection of their credit application within 30 days of receiving a completed application. This law is designed to ensure fair and equal access to credit for all applicants.

Which Federal Consumer Credit Law Requires Creditors to Inform Applicants