Certified Regulatory Compliance Manager (CRCM) — Question 71

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:

Answer options

• A. Credit Application
• B. Credit completed application
• C. Initial credit approach
• D. None of these

Correct answer: A

Explanation

The correct answer is 'Credit Application' as it directly describes the request for credit that adheres to the creditor's procedures. The other options do not accurately represent this definition or are not standard terms used in credit processing.