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Question 138

What may a creditor do if an applicant applies for individual unsecured credit?

A creditor may never require the signature of another person.

A creditor may ask for the signature of the applicant's spouse if the applicant is not creditworthy.

A creditor may require another signature if the applicant relies on jointly owned property to establish creditworthiness.

A creditor may ask the applicant to withdraw the application if it does not meet the creditor's credit standards.

Correct Answer: C

If an applicant applies for individual unsecured credit, a creditor may require another signature if the applicant relies on jointly owned property to establish creditworthiness. This is because the jointly owned property affects the overall assessment of the applicant's ability to repay the debt, and the creditor needs assurance from all owners of the property.

Discussion

Cam22Option: C

C - question in guide