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Credit Applications

Although credit applications assist lessors in making these credit decisions, the lessor should make sure that it avoids the pitfalls of the Equal Credit Opportunity Act ('ECOA') and that the financial information it obtains through the credit application is stored appropriately to avoid liability under various state laws regulating the storage of private financial information. This article discusses the components of a good credit application, the requirements of the ECOA, and the best practices for storing private financial information.

37 minute read July 30, 2008 at 02:41 PM
By
Deborah L. Thorne
Credit Applications

Many lessors require or should require their lessees to fill out a credit application.

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