step one. Use of the identity unfavorable step. The fresh new controls does not require one to a creditor make use of the label bad action during the interacting to a candidate you to definitely an obtain an expansion regarding credit wasn’t recognized. Inside notifying a candidate off bad action since laid out from the 1002.2(c)(1), a creditor are able to use any terms or sentences one determine the brand new step adopted the program.
Comment to own 1002.nine – Notifications
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2. Explicitly taken apps. Whenever an applicant explicitly withdraws a credit app, the brand new creditor is not needed to payday loans Hoover comply with the alerts standards around 1002.9. (This new creditor have to follow, but not, to the number maintenance standards of the regulation. Continue reading “9(a) Notification away from step taken, ECOA observe, and report regarding certain causes”