Which federal law requires creditors to inform applicants of acceptance or rejection of their credit application within 30 days of receiving a completed application?
A) Truth in Lending Act
B) Fair Credit Reporting Act
C) Fair Credit Billing Act
D) Equal Credit Opportunity Act
E) Fair Debt Collection Practices Act

Question

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The Equal Credit Opportunity Act (ECOA) requires creditors to inform applicants of acceptance or rejection of their credit application within 30 days of receiving a completed application. The other laws listed have different requirements and purposes, such as regulating interest rates (Truth in Lending Act), protecting consumer credit information (Fair Credit Reporting Act), resolving billing errors (Fair Credit Billing Act), and regulating debt collection practices (Fair Debt Collection Practices Act).

Which Federal Law Requires Creditors to Inform Applicants of Acceptance