Do we owe the applicant a reason?
Only on applications for credit.
Also, if the request is for joint-owners would we only need to provide the notice to the persons whose credit report was the reason for the denial?
Correct.
Does the FCRA portion of the AAN apply to businesses? If a business applies for a new account, we pull a credit report on the owners of the business. So if the account application is denied, should we give the owners an AAN?
Unless they are going to be personally liable for the account as an individual, then you need written authorization to pull a report. If they are not an applicant (i.e. guarantor), they would not recieve the FCRA AAN.
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