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#986231 - 07/01/08 08:48 PM Adverse Action
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
Reg. B says if there are mutliple applicants, notification only needs to be given to the primary applicant. But, does FCRA state that each applicant must receive a disclosure of some sort? What am I missing?

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Lending Compliance
#986248 - 07/01/08 09:00 PM Re: Adverse Action Ray_
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Yes. Each person whom you pulled and used a CR adversely must be notified.
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David Dickinson
http://www.bankerscompliance.com

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#986301 - 07/01/08 10:01 PM Re: Adverse Action David Dickinson
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
Would it be ok if we addressed one notice to multiple applicants?

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#986381 - 07/02/08 01:16 AM Re: Adverse Action Ray_
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,294
Galveston, TX
There are no provisions in the FCRA for a single notice to multiple applicants.

http://www.ftc.gov/os/statutes/fcra/stinneford.shtm
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#986384 - 07/02/08 01:22 AM Re: Adverse Action rlcarey
Ray_ Offline
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Joined: Aug 2006
Posts: 879
Dallas, TX
Thanks Randy and David! Your responses are very much appreciated.

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