![]() The ECOA mandates similar notice for other types of adverse action taken on a borrower’s account, including when the creditor closes an account, declines a request to increase a line of credit, makes a change to the terms of credit that negatively impacts a single account holder, or refuses to give comparable terms of credit to that originally requested by application.2010- Pub. In responding to an application where the creditor is denying credit to the applicant altogether or approving credit for an amount or on terms that differ from what the applicant requested, a creditor is also required to provide, or enable access to, the specific reason(s) for denying the requested credit to that applicant. The response must include notice of the action taken in response to the application, either in writing or orally, depending on the content of the notice. Under the ECOA, creditors are required, with few exceptions, to respond to an applicant within 30 days of receiving a completed application for credit. Refusing to consider or otherwise discounting any income earned from a part-time job, pension, annuity, or a retirement benefits program. ![]() Disallowing regular sources of income, including reliable and predictable income from veteran’s benefits, welfare payments, Social Security payments, alimony, child support, and other comparable sources. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |