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#1389032 - 05/11/10 03:30 PM Applicant and Co-Signer
dac Offline
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Joined: Sep 2009
Posts: 234
Applicant applied for an auto loan and it was determined that a co-signer would be needed after credit was pulled. The following day the applicant brought in a co-signer. The co-signer did not qualify as well due to poor credit. Do we need to send the applicant and co-signer seperate adverse actions? What else do we need to do? I beleive that we need to send the applicant and co-signer seperate adverse actions because credit was pulled.

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Lending Compliance
#1389109 - 05/11/10 04:59 PM Re: Applicant and Co-Signer dac
Here4Life Offline
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Joined: Feb 2010
Posts: 119
I agree, seperate adverse action notices.

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#1389137 - 05/11/10 05:24 PM Re: Applicant and Co-Signer Here4Life
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
Reg B AAN - only needs to be sent to the primary applicant.

FCRA AAN - needs to be sent to all consumers whose credit report was used in whole or in part in the adverse decision.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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