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Declines on Deposit Accounts

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Do you have to state a reason on the adverse notice for deposit accounts declined due to credit under FCRA? Where can I find reference material for deposit declines?

An adverse action notice, as lenders use, is not required. When you deny a product or service based on information from a Credit Reporting Agency, such as the credit bureau or TeleCheck, a reason isn't needed, but an FCRA notice is. That is the key disclosure.

First published on 2/09/04

First published on 02/09/2004

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