@ScoreBooster wrote:
@RobertEG wrote:
It could exist, but I am not aware of any such law requiring a decision on a credit app within 30 days.
It is certainly not a provision of the FCRA.
It actually does exist:
Equal Credit Opportunity Act (ECOA), Regulation B.
http://www.nolo.com/legal-encyclopedia/your-rights-notice-regarding-credit-decisions.html
Interesting link, thanks. I notice it also says, (on another topic!)
These FCRA notice requirements kick in if a creditor uses a consumer report in connection with deciding what regular APR to charge for new or existing credit, and offers you a rate less favorable than the rate it offers approximately 40% of other consumers to whom it offered a similar type of credit.
I've seen it stated here that if you get less than the best rate, the issuer has to also send documentation why (maybe including score). It seems here that that is the case only if 40% get the best rate. If I were a sleezly lender, I might advertise "rates as low as 2%!" which I give only to my family and can then give higher rates to everyone without pesky paperwork.
Off to search craigs list for Sleezy Lender CEO positions...
