What must lenders do if their advertising includes misspellings or inaccuracies regarding lending practices?

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When lenders include misspellings or inaccuracies in their advertising related to lending practices, the primary responsibility is to correct those errors before the advertisement is published. Ensuring that all communications to consumers are truthful and accurate is crucial for maintaining compliance with federal regulations established by the Consumer Financial Protection Bureau (CFPB). Inaccurate advertising can lead to consumer confusion, misrepresentation of services, and potential violations of advertising regulations.

Correcting errors prior to publication helps maintain the integrity of the lending institution and protects consumers from making decisions based on misleading information. This approach aligns with the principle of providing clear and accurate information to consumers, which is essential for fostering trust and transparency in the lending process.

While other options might seem relevant in certain contexts, they do not represent the immediate and most appropriate response to the presence of errors in advertising.

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