[kall14]

Are FCRA disclosure requirements applicable to business credit for adverse action notices?
If so, in what instances or which types of business applicants should receive the adverse action notice with the FCRA information?

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[rcooper]

Take a look at the “Who Must Receive” section of this article: https://consumercomplianceoutlook.org/2013/second-quarter/adverse-action-notice-requirements-under-ecoa-fcra/.

And from the FTC FCRA Summary:https://www.ftc.gov/sites/default/files/documents/reports/40-years-experience-fair-credit-reporting-act-ftc-staff-report-summary-interpretations/110720fcrareport.pdf

PRIMARY CREDIT APPLICANT, CO-APPLICANT, AND GUARANTOR
Because the FCRA adopts the definition of “adverse action” from the ECOA, only an “applicant”
experiences “adverse action” in the context of a credit transaction. See 12 CFR § 202.2(c)(1).
A co-applicant is an “applicant” but a guarantor is not. 12 CFR. § 202.2(e). Therefore, where a
creditor denies an application, both the primary applicant and any co-applicant have suffered an
“adverse action,” but any guarantor has not. See comment 615(a)-2B.78

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