An oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. Information entered into and retained by a computer system qualifies as a written application. It is called:
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A. B. C. D.A
The correct answer to the question is A. Credit Application.
A credit application is a request for credit made by a borrower to a lender in accordance with the creditor's procedures for the type of credit requested. The application can be made in writing or orally. When an application is made in writing, it can be on a paper form, an electronic form, or entered into and retained by a computer system.
In the context of financial services, a credit application typically includes information such as the borrower's name, address, employment status, income, and financial history. This information is used by the lender to evaluate the borrower's creditworthiness and determine whether to extend credit and on what terms.
It is important for borrowers to provide accurate and complete information on their credit application, as incomplete or false information can result in the denial of credit or legal consequences. Lenders also have a responsibility to ensure that they collect and use personal information in compliance with applicable privacy and data protection laws.
In summary, a credit application is a request for credit made by a borrower to a lender, and it can be made in writing or orally. The information provided in the application is used by the lender to evaluate the borrower's creditworthiness and determine whether to extend credit.