A creditor must notify an applicant of action taken (favorable or unfavorable) within 30 days after receiving a completed application, or taking adverse action on an incomplete application. The notice must be given 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered. Notification of approval is implied by granting the credit. [12 C.F.R. §1002.9]
A notification given to an applicant when adverse action is taken must be in writing and contain:
•A statement of the action taken;
•The name and address of the creditor;
•The ECOA notice;
•The name and address of the Federal agency that administers compliance with respect to the creditor; and
•Either:
o A statement of specific reasons for the action taken; or
o A disclosure of the applicant’s right to a statement of specific reasons within 30 days [12 C.F.R. §002.9] or disclose that the applicant has a right to request the principal reason for the action taken within 60 days of the creditor’s notification. The disclosure shall include the name, address, and telephone number of the person or office from which the statement of reasons can be obtained. If the creditor chooses to provide the reasons orally, the creditor must also disclose the applicant’s right to have them confirmed in writing within 30 days of receiving a written request for confirmation from the applicant.