What may a creditor do in response to an application for credit from a business with gross revenues of $1 million or less?

Give a disclosure of the applicant's right to receive a statement of reasons at the time of the application instead of at the time of the adverse action
Mention adverse action notices only if requested by the applicant
Omit the ECOA statement on all notices NOTES
Provide only the ECOA statement to the applicant

Answer(s): A

What may a creditor do in response to an application for credit from a business with gross revenues of $1 million or less?

Give a disclosure of the applicant's right to receive a statement of reasons at the time of the application instead of at the time of the adverse action
Mention adverse action notices only if requested by the applicant
Omit the ECOA statement on all notices NOTES
Provide only the ECOA statement to the applicant

Answer(s): A

What may a creditor do when furnishing credit information?

May designate accounts in any manner that is convenient and reasonable
Must designate accounts as specified by the parties
Must designate accounts to show participation by both spouses if both are liable
Must designate accounts to show all parties, including guarantors

Answer(s): C

What may a creditor do when furnishing credit information?

May designate accounts in any manner that is convenient and reasonable
Must designate accounts as specified by the parties
Must designate accounts to show participation by both spouses if both are liable
Must designate accounts to show all parties, including guarantors

Answer(s): C

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