Rejecting Applications
To reject applications, there are a few important considerations that must be followed to comply with lending regulations.
You must inform Onbo of every rejected application. For each rejected application the following steps should be taken:
Create an application with the
decision
and reasons
. If using a user's credit report in your decisioning, four reasons must be provided. If not using a user's credit report, then at least one reason must be provided. See Rejection Reasons below for a complete list of permissible rejection reasons.{
"amount": 2500,
"decision": "REJECTED",
"reasons": [
"reason_code_1",
"reason_code_2"
]
}
The Adverse Action Notice must be presented to the user in your application. When you create the rejected application in Step 1, Onbo will return user-readable versions of the rejection reasons you provided. The reason(s) must be included in the Adverse Action Notice.
Onbo can provide your team with an Adverse Action Notice template
Onbo will store the
User
and Application
data for you, so you just need to keep a record of the user_uuid
and application_uuid
for rejected applications.Additionally, all inputs used in your decisioning model (such as income, credit report, Plaid bank data) must be stored.
Last modified 1yr ago