The ________ Credit Reporting Act and Equal Credit Opportunity Act

question 8

Short Answer

The ________ Credit Reporting Act and Equal Credit Opportunity Act state that consumers who are denied loans must receive a notice of "adverse action" explaining the decision.

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Definitions:

Crest

The highest point of a hill or mountain range; also refers to the peak or summit.

Trough

A trough generally refers to a long, narrow container from which animals eat or drink, but in scientific contexts, it can also mean a low point or minimum phase in a cycle, such as in economics or meteorology.

Visible Spectrum

The portion of the electromagnetic spectrum that is visible to the human eye, typically encompassing wavelengths from about 380 to 750 nanometers.

Longer Wavelengths

Describes the property of light or electromagnetic waves characterized by greater distances between wave peaks, often associated with lower frequencies and energies.