A borrower submits a mortgage application on Monday and receives an adverse action notice on Friday of the same week. The notice states the decision was based on 'insufficient credit history' but doesn't mention that a credit report was obtained. This notice violates FCRA because:
Correct Answer
B) It fails to identify the specific credit reporting agency used
Under FCRA Section 615(a), when adverse action is based on information in a consumer report, the notice must identify the consumer reporting agency that furnished the report, along with the agency's contact information and the consumer's rights to obtain a free report and dispute information.
Why This Is the Correct Answer
Under FCRA Section 615(a), when adverse action is based on information in a consumer report, the notice must identify the consumer reporting agency that furnished the report, along with the agency's contact information and the consumer's rights to obtain a free report and dispute information.
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