Unpacking Adverse Action Requirements

Timely communication with applicants and existing borrowers is critical, especially when applications are incomplete or denied. Notices are designed to communicate exactly what documentation is needed to complete an application request or the specific reasons for credit denial. Two federal statutes govern these processes, the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA). Understanding when each statute applies is an essential component of managing the loan application process. Take this opportunity to learn about notification requirements for consumer and business applicants and avoid common regulator-identified errors.

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