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#31741 - 09/09/02 04:08 PM Reg B
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Does anyone know if Reg B requires a separate denial be sent to each applicant - or are you only required to send denial to main applicant?

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#31742 - 09/09/02 04:18 PM Re: Reg B
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
Regulation B

Sec. 202.9 Notifications.

(f) Multiple applicants. When an application involves more than one applicant, notification need only be given to one of them, but must be given to the primary applicant where one is readily apparent.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#31743 - 09/09/02 05:24 PM Re: Reg B
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,503
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Just don't confuse Reg. B requirements with FCRA. We have had several of these discussions in the past so a search would reveal several in-depth threads.

Bottom line, if credit was used as a reason, those whose reports were derogatory or otherwise contributed to the denial need an FCRA notice even if they do not get their own AAN.
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AndyZ CRCM
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#31744 - 09/09/02 06:13 PM Re: Reg B
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
Andy is correct, you need to also consider FCRA.

Try this link on BOL

http://www.bankersonline.com/articles/v05n14/v05n14a2.html
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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