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Home » Store » Taxable » Online Lender Snagged for Fair Credit Act Violation

Online Lender Snagged for Fair Credit Act Violation

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QuickenLoans has agreed to settle charges that it violated the Fair Credit Reporting Act by failing to provide required notifications to customers whose online prequalifation applications were turned down. While the proposed settlement, announced last week by the Federal Trade Commission, didn’t involve any monetary penalties, it does illustrated the growing complexities – and the legal vulnerabilities – of doing a sizable mortgage business online.
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