Isabella wants to purchase a new refrigerator.When she applies for an installment loan at the appliance store,her loan application is turned down.What consumer law says that a lender must give her the reason,in writing,that she was denied the loan?

Question

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The Fair Credit Reporting Act requires that a lender must provide a written notice to a consumer if their loan application is denied based on information obtained from a credit report. This notice must include the reasons for the denial and the credit reporting agency's contact information.

Isabella Wants to Purchase a New Refrigerator