Finance
A Maine buyer's loan application is denied based on information in a credit report. Under the Fair Credit Reporting Act (FCRA), the lender must:
AProvide the buyer with the credit score only
BProvide the buyer with an adverse action notice including the credit reporting agency's contact information✓ Correct
CKeep the denial reason confidential
DRequire the buyer to reapply with a co-borrower
Explanation
FCRA requires lenders who take adverse action (such as denying a loan) based on credit report information to provide the applicant with an adverse action notice identifying the credit bureau, so the applicant can obtain their report and dispute errors.
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