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Exam CRCM topic 1 question 73 discussion

Actual exam question from ABA's CRCM
Question #: 73
Topic #: 1
[All CRCM Questions]

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:

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

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Cam22
4 months ago
Selected Answer: A
A "Credit Application" refers to an oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. This can include filling out a form or providing relevant information orally, depending on the creditor's requirements. Additionally, information entered into and retained by a computer system can also qualify as a written application.
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