Privacy among applicants

Answered by:

Question:

If credit is denied because of issues related to only one applicant, for example a charge-off, can we disclose that reason to both applicants, and do both applicants get an Adverse Action Notice?

Answer:

You can indicate on the Adverse Action Notice that credit is being denied and provide reasons that may relate solely to only one co-applicant. In the spirit of correcting errors, you may indicate which applicant that is. Yes, you can provide a single Adverse Action Notice to the primary applicant if one is readily apparent.
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