When Do I Go on the Notice of Action Taken Clock?
by Dan Persfull, BOL Guru Guru BIOS
Question: Do I have to send an adverse action letter within a certain period of time of the credit report being requested? When am I on the clock?
Answer: When does your financial institution consider an application complete (having enough information to make your credit decision)?
You have 30 calendar days to communicate your decision to the applicant upon receipt of a completed application.
If you receive an incomplete application, you must deny the applicant for an incomplete application OR send the notice of incompleteness (202.9(c)(2)) within 30 calendar days from receipt of the application.
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