If a Consumer's Application for Credit Is Denied, the Creditor

question 461

Multiple Choice

If a consumer's application for credit is denied, the creditor must provide written notice to the consumer containing what information?

• A) the name and address of the federal agency regulating compliance by the creditor
• B) a list of other possible sources of credit
• C) either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons
• D) the name and address of the federal agency regulating compliance by the creditor and either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons
• E) the name and address of the federal agency regulating compliance by the creditor and either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons and a list of other possible sources of credit

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Definitions:

NAICS

The North American Industry Classification System, which is used to categorize businesses and industries for statistical purposes in the United States, Canada, and Mexico.

Governmental ID System

Systems implemented by governments to issue identification to its citizens, often used for verification purposes and accessing government services.

NASDAQ 100

An index comprising 100 of the largest non-financial companies listed on the NASDAQ stock market, based on market capitalization.

Interval Measure

A statistical metric that defines the distance between two points on a scale with equal intervals, assessing the variation or dispersion of these points.