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Privacy among applicants

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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?

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.


Learn more about Andy Zavoina’s A-Z of Reg B

First published on 06/20/2021

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