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#84930 - 06/03/03 08:03 PM Adverse Action

My bank has a corporation that applied for a loan with the owners as guarantors. The owner's credit reports were pulled and the loan was turned down based upon their past credit histories. Do the owners also get adverse action notices, or does the corporation get one and not the owners?

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Lending Compliance
#84931 - 06/03/03 09:07 PM Re: Adverse Action
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Under Reg B, the corporation would get the Adverse Action notice.

Under FCRA, Tattlebaum II letter, the corporation would NOT be entitled to the FCRA notice, and neither would the guarantors.
Regulations are a poor substitute for ethics.
Just sayin'

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