When a Consumer Is Rejected for Credit, the Equal Credit

question 266

True/False

When a consumer is rejected for credit, the Equal Credit Opportunity Act requires the creditor to give the consumer a list of at least three other creditors.

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Definitions:

Process Manager

A role responsible for overseeing and optimizing the processes within an organization to ensure efficient operation and achievement of business goals.

Standard Deviation

Standard deviation is a statistical measure that indicates the dispersion or variability of a set of data points or values around the mean, used to quantify the amount of variation in a dataset.

Square Root

A mathematical operation that finds the number which, when multiplied by itself, gives the original number.

Quality Management

The practice of overseeing all activities and tasks needed to maintain a desired level of excellence, ensuring that operations meet established standards and improvements are continuously made.