Answer:
Reg. B requires only that the primary applicant be notified of the action taken. (202.9(f)) You may provide a denial letter to all involved; however, FCRA requires that any applicant whose credit report was used either partially or in whole to take an adverse action on a credit request, must be provided the FCRA notice. If the guarantor's credit report had been a negative factor in the denial, the guarantor would need to receive that notice.
First published on BankersOnline.com 3/01/10