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

question 103

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) the basic provisions of the Equal Credit Opportunity Act
• 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 the basic provisions of the Equal Credit Opportunity Act
• E) the name and address of the federal agency regulating compliance by the creditor and the basic provisions of the Equal Credit Opportunity Act and either the specific reasons for the action taken or disclose the applicant's right to receive a statement of reasons

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Definitions:

SBU Level

Strategic Business Unit level; refers to a unit within a larger enterprise that focuses on specific market segments or product lines, operating with its strategic objectives and planning.

Portfolio Management

A strategic practice involving the selection, prioritization, and control of an organization's projects and programs in alignment with its objectives.

Corporate

Pertaining to a corporation, a form of business organization characterized by the legal distinction between the company and its owners.

Strategic Marketing Decision

A choice made in marketing that is intended to contribute to long-term business success, often involving product development, market selection, and positioning.