Quicken Agrees to Change Loan Notice

Internet lender Quicken Loans Inc. has agreed to tell consumers when they are denied a pre-approved loan due to bad credit, the Federal Trade Commission said.

The FTC had charged Quicken with violating federal lending laws when it told applicants who flunked a pre-approval process that they had “unique lending needs,” rather than telling them that their credit rating was poor.

Customers could then contact a Quicken agent to discuss their application but were not told outright why they did not win pre-approval, according to the FTC.

Quicken, based in Livonia, Mich., did not admit or deny guilt as part of the settlement.