Final answer:
The true statement is that lenders must notify applicants of credit decisions within 30 days of receiving a complete application. Other options concerning the completeness of an application, verbal adverse action notices, and the requirement for loan modification denials are not strictly true or are incorrect.
Step-by-step explanation:
The correct statement regarding credit decisions and adverse action notices is A. You must notify an applicant of a credit decision within 30 days of receiving a complete application. An application can be considered incomplete if it lacks any information necessary for a credit decision, so option B is not strictly true as lack of a credit report might be due to the applicant's information being incomplete. Option C is incorrect because the law allows for adverse action notices to be given either verbally or in writing, but the writing is preferred for documentation purposes. Lastly, Option D is incorrect because an adverse action notice is required for any credit decision, including a loan modification denial.
Remember, when dealing with credit applications, it is important to provide only the minimum information requested and to understand how your information will be used and who will have access to it. Additionally, it's crucial to monitor your credit history for signs of identity theft.
If you've applied for credit and are awaiting a decision, a helpful tip is to follow up with a phone call, as you mentioned. Marking your calendar will help you remember to make that call.