Business and Personal Finance Dictionary

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• STATEMENT OF REASONS
  
  The Federal Equal Credit Opportunity Act (ECOA) (Title VII of the Consumer Protection Act) requires that a lender/creditor who denies an application for credit must provide the applicant with a statement of reasons, or written notification of the applicant's right to obtain a statement of reasons, within thirty days after receipt of a completed application for credit,. (See Equal Credit Opportunity Act)
  
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