Co-Signer Adverse Action

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September 4, 2014 at 9:48 am EDT #6353

rcooper
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A question we received from a member:

We denied a customer due to credit issues. They had someone that was going to co-sign the loan. Do we need to put the credit bureau information for the borrower on the co-signor\’s adverse action notice?
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September 4, 2014 at 9:48 am EDT #6354

rcooper
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The document linked below provides a thorough and brief (probably less than one minute to read) summary of your requirements in these situations. Please see page 41597 “Guarantors and Co-Signers”: https://www.gpo.gov/fdsys/pkg/FR-2011-07-15/pdf/2011-17585.pdf.
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