Which act requires mortgage lenders to give consumers information about obtaining their credit report when they are turned down for a loan?

The Fair Credit Reporting Act (FCRA) is the correct choice, as it mandates that mortgage lenders must inform consumers of their right to receive a copy of their credit report when they are denied credit or a loan. This act aims to promote accuracy and fairness in consumer credit reporting and to ensure that individuals have the opportunity to understand and rectify any inaccuracies in their credit histories.

When a lender denies a loan application based on information in a credit report, they are required to provide a notice, which includes details about how to obtain the report. This safeguard helps consumers understand why their application was denied and empowers them to take steps to improve their credit status.

Other acts mentioned focus on different aspects of consumer rights and financial regulations. For instance, the Equal Credit Opportunity Act (ECOA) aims to prevent discrimination in credit applications, the Real Estate Settlement Procedures Act (RESPA) addresses disclosures in real estate transactions, and the Truth in Lending Act (TILA) requires clear disclosure of credit terms, but none specifically enforce the requirement to inform consumers about their credit reports following a denial. Thus, the FCRA is the definitive law regarding consumer awareness of credit report implications in the context of loan applications.