Customers who apply for credit have the right to receive a written notice along with the reasons for denial if their loan request is turned down by a bank.

Name: Customers who apply for credit have the right to receive a written notice along with the reasons for denial if their loan request is turned down by a bank.
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Question

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This is one of the provisions of the Equal Credit Opportunity Act (ECOA), which requires lenders to provide a written reason for denying credit to an applicant.

Customers Who Apply for Credit Have the Right to Receive