Federal Law Requires Creditors to Explain the Reasons for the Denial

question 24

True/False

Federal law requires creditors to explain the reasons for the denial of credit.

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Definitions:

Employee Turnover

The rate at which employees leave a company and are replaced by new employees over a specific period.

Automation

The use of machinery and technology to perform tasks without human intervention, often to improve efficiency and productivity.

Child Labor

The employment of children in any work that deprives them of their childhood, interferes with their ability to attend school, and is mentally, physically, socially, or morally harmful.

Hazardous Occupations

Jobs or professions that inherently involve significant risks to the safety, health, or well-being of the workers.