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#107874 - 08/19/03 06:22 PM Can credit info be discussed?
HR Banker Offline
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If two individuals (not married) apply for a mortgage loan together, can their credit histories be discussed in front of the other?

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#107875 - 08/19/03 06:30 PM Re: Can credit info be discussed?
David Dickinson Offline
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David Dickinson
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Central City, NE
Yes. Basically, if they apply together, they have no privacy rights concerning this application for credit.
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#107876 - 08/19/03 06:50 PM Re: Can credit info be discussed?
HR Banker Offline
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They actually filled out two separate applications. It would be a joint loan. They are engaged and are looking for financing for a home.

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#107877 - 08/19/03 07:00 PM Re: Can credit info be discussed?
QuestionQuest Offline
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I would venture that they are still joint applicants, even though they completed separate application forms. The key, I believe, is that they intend to obtain the loan jointly, as opposed to only one or the other seeking the loan. Hope this helps.
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#107878 - 08/19/03 07:04 PM Re: Can credit info be discussed?
Andy_Z Offline
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This issue is specifically addressed in the new Reg. B where the exact point was addressing adverse actions. As David noted, this could be cross disclosed because in a joint application (which means applications status, not one application form) there is no expectation of privacy.
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#107879 - 08/19/03 07:06 PM Re: Can credit info be discussed?
HR Banker Offline
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Thanks to everyone for their help!

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#107880 - 08/20/03 01:12 PM Re: Can credit info be discussed?
LoisLane Offline
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LoisLane
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Wisteria Lane..
Same question (Ok similar)
Business applies for loan and offers Joe as guarantor. Am I correct that if there is a problem with the guarantor's credit, this can be discussed with the business?
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#107881 - 08/20/03 03:03 PM Re: Can credit info be discussed?
David Dickinson Offline
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David Dickinson
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Central City, NE
Yes. Here's how I see the Reg B change about reasons for denial:

Privacy is not an issue when disclosing specific reasons for adverse action to applicants. The FRB believes when a person agrees to be a co-applicant, guarantor, etc. there should be a general understanding that information will be shared.
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