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Adverse Action on Joint Application

Home Forums Equal Credit Opportunity Act/Regulation B Adverse Action on Joint Application

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  • #2537
    WBkmj
    Participant

    If you have two applicants for a loan, each denied for a different reason, should the Adverse Action given to each applicant have both reasons on both Adverse Actions or should each Adverse Action only have the reason that particular applicant was denied for?

    #3044
    dmurray
    Participant

    The adverse action notice should be specific to each applicant.

    Ex: John and Mary apply for a loan and are denied. John has Delinquencies and a Bankruptcy, Mary has collection accounts only. You wouldn’t want the adverse action notice to Mary to have Bankruptcy selected because that’s not why SHE was denied.

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