Finance
Under the Equal Credit Opportunity Act (ECOA), a lender must notify an applicant of their credit decision within:
A3 business days
B10 business days
C30 days of receiving a completed application✓ Correct
D60 days of receiving the application
Explanation
ECOA requires creditors to notify applicants of their credit decision (approval, denial, or counteroffer) within 30 days of receiving a completed application. If denied, the lender must provide reasons or disclose the applicant's right to request reasons.
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