FACT ACT OF 2003
It's our practice here to send the Credit Score Disclosure only to the borrower, not to the co-borrower. I believe that a credit score disclosure should be sent to both. Where in the FACT Act I can find the correct answer? Please help me.
Off the top of my head I am not able to help you find the definite answer within FACTA, but we provide a credit score disclosure to all borrowers.
The FACTAct does not directly state in a joint application that the notice should be sent to all borrowers, it only refers to the fact that the Lender will give the applicant a special notice explaining the factors used in the credit score. We have take the position that we use the credit scores of all applicants in making the credit decision and therefore we send the notice to all applicants. The principles behind this decision was that if either of the borrowers had derogatory credit we would decline the loan based on that premise.