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#202941 - 06/22/04 09:09 PM
Re: adverse action for a married couple
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Anonymous
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News to me. Tell her to show you her source.
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#202942 - 06/22/04 09:11 PM
Re: adverse action for a married couple
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Anonymous
Unregistered
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We send one notice if the applicants are living at the same address.
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#202944 - 06/22/04 11:51 PM
Re: adverse action for a married couple
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Is the intent to separately deliver an FCRA notice incorporated into your AAN?
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#202945 - 06/23/04 02:44 PM
Re: adverse action for a married couple
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Anonymous
Unregistered
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If the applicants are unmarried but at the same address we send one notice also. We incorporated three columns of checkboxes on our AAN....Applicant, co-applicant, co-signer. This way we can indicate which denial reasons belong to which person as well as who is getting the FCRA disclosure.
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#202946 - 06/23/04 03:37 PM
Re: adverse action for a married couple
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If you have derogatory credit reports on more than one, and your FCRA notice is on your AAN, do you send more than one AAN?
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#202948 - 06/23/04 05:15 PM
Re: adverse action for a married couple
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If the purpose of the AAN is to provide the FCRA notice, yes. Reg. B allows a single AAN but the FCRA does not. So it depends on why they are being denied and if that reason applies to one or both.
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#202949 - 06/24/04 01:29 PM
Re: adverse action for a married couple
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Anonymous
Unregistered
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If the FCRA notice is going to apply to both parties living at the same address we would still only send one notice. The notice is addressed to both parties and will indicate that the FCRA notice applies to both the applicant and co-applicant. We feel that is sufficient because the notice is addressed to both names and they live at the same address.
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#202950 - 06/24/04 02:47 PM
Re: adverse action for a married couple
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Please review the Stinneford letter. You address it to both, but increase your risks by expecting them to share. One could argue you did not deliver the FCRA notice to each.
_________________________
AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#202951 - 06/24/04 08:20 PM
Re: adverse action for a married couple
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Joined: Nov 2000
Posts: 18,762
Central City, NE
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Quote:
Quote:
We send one notice if the applicants are living at the same address.
If the applicants are not married, but at same address; do you still send just one?
Yes. Address it to both if the info is accurate for both of them. If they have different info (one needs the FCRA notice, but the other doesn't) then send 2 notices specific to each.
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#202952 - 06/24/04 08:40 PM
Re: adverse action for a married couple
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Anonymous
Unregistered
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We have check boxes beside the FCRA disclosure - one for applicant, one for co-applicant, and one for co-signer. That way we don't have to send two notices if they are at the same address. We just mark who the FCRA notice applies to. We have the same check boxes beside each denial reason so it is clear which reasons belong to which person.
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#202953 - 06/24/04 08:48 PM
Re: adverse action for a married couple
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10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
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Quote:
We have check boxes beside the FCRA disclosure - one for applicant, one for co-applicant, and one for co-signer. That way we don't have to send two notices if they are at the same address. We just mark who the FCRA notice applies to. We have the same check boxes beside each denial reason so it is clear which reasons belong to which person.
Perfect.
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#202955 - 06/25/04 05:19 PM
Re: adverse action for a married couple
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Power Poster
Joined: Apr 2001
Posts: 4,828
Between the lines
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You're right, it is not a privacy issue. Statement came out this year that there is no expectation of privacy in a joint application. Goes on to say that reason for denial must be specific, for example you can't just vaguely state that the co-applicant did not qualify.
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#202956 - 06/25/04 08:17 PM
Re: adverse action for a married couple
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10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
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Quote:
So the whole issue of separate notices has nothing to do with Privacy/confidentiality, the issue is disclosing the right turndown information to the right individual?
EXACTLY! SoccerMom is right (again).
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#202957 - 06/25/04 11:29 PM
Re: adverse action for a married couple
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Diamond Poster
Joined: Nov 2000
Posts: 1,820
Southern California
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I'm interested to know what EXAMINERS are saying about this. I'll bet you money that they don't realize how much controversy there is about this issue.
If you have had an experience with an exam, please share.
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Dolly Nugent CRCM Opinions expressed are my own.
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#202958 - 06/28/04 02:42 PM
Re: adverse action for a married couple
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Power Poster
Joined: Apr 2001
Posts: 4,828
Between the lines
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Thanks David , nice way to start a Monday.
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NOLA is my Beach!
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#202959 - 06/28/04 04:08 PM
Re: adverse action for a married couple
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I'm not certain I am following this as the context has changed and the Q&A isn't specific. Husband and wife apply. Each are denied based on credit. Reg. B allows one AAN to a primary, but the FCRA does not.
Stinneford ...when there are two applicants a creditor cannot send a combined ECOA/FCRA adverse action notification to only the primary applicant if the application is denied, even in part, based on information in a co-applicant's consumer report. In that circumstance, the co-applicant has been the subject of "adverse action" and must be provided his or her own separate notification to satisfy the requirement of Section 615(a) of the FCRA.
I am reading that Anon has check boxes but sends one notice addressed to both, with check boxes as to whom it applies to. One notice addressed to both, even at the same address, is not separate notification to my understanding. If the FCRA fully expected them to share, it wouldn't be so specific.
Anon's posts are vague to me, perhaps I am not reading it correctly but I also don't want someone to "read" the answer they want. One notice to one address was the basis of the question. David was indicating two should be sent in some circumstances and I wanted to be clear as to when.
_________________________
AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#202961 - 06/29/04 01:02 PM
Re: adverse action for a married couple
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Anonymous
Unregistered
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According to our FDIC examiners, if the turndown is because of bad credit, each applicant must receive their own separate FCRA notice. It doesn't matter what the relationship is or what the address is. There is no exception in the FCRA for husband and wife or people living at the same address.
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#202962 - 06/29/04 04:32 PM
Re: adverse action for a married couple
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Diamond Poster
Joined: Nov 2000
Posts: 1,820
Southern California
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Janec
Which FDIC region are you in?
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Dolly Nugent CRCM Opinions expressed are my own.
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#202963 - 06/29/04 07:27 PM
Re: adverse action for a married couple
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10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
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Quote:
According to our FDIC examiners, if the turndown is because of bad credit, each applicant must receive their own separate FCRA notice. It doesn't matter what the relationship is or what the address is. There is no exception in the FCRA for husband and wife or people living at the same address.
If I address the letter and AAN to "John and Jane Doe" and include the FCRA info, how did THEY not get notification. Show me in the FCRA where it says each must recieve their OWN disclosure. Your examiners are making up stuff again. There is no exception because there is no rule.
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