Finance
The Equal Credit Opportunity Act (ECOA) requires lenders to:
AOffer the lowest interest rate available to all applicants
BNotify applicants of credit decisions and the reasons for denial within 30 days✓ Correct
CProvide a free credit report to every applicant
DApprove all loan applications from protected classes
Explanation
ECOA requires lenders to notify applicants of credit decisions within 30 days and, if credit is denied, to provide reasons for the denial so applicants can understand and potentially correct the issues.
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