Skip to content

“We Intend to Apply for Joint Credit" Verbiage

Answered by: 

Question: 
I just want to confirm that the “we intend to apply for joint credit" verbiage must be on the applications to comply with Reg B? Our applications state "What type of credit are you requesting?" then the applicant(s) initial if they check the joint credit box. The information I have read on Reg B says a person's intent to be a joint applicant must be evidenced at the time of application. Signatures on a promissory note may not be used to show intent to apply for joint credit. On the other hand, signatures or initials on a credit application affirming applicants' intent to apply for joint credit may be used to establish intent to apply for joint credit. The method used to establish intent must be distinct from the means used by individuals to affirm the accuracy of information. For example, signatures on a joint financial statement affirming the veracity of information are not sufficient to establish intent to apply for joint credit.

First published on 10/22/2017

Filed under: 
Filed under lending as: 

Search Topics