.Davidlaz writes: 'Why buying a car may result in a scary (and pointless) ‘adverse action notice’'
The intent is to prevent discrimination and to ensure that consumers are informed any time an action is taken by a creditor that could harm your credit score, such as a loan application being rejected.
When you call the number at the bottom of the letter , you’re connected with 700Credit’s adverse action line. He said dealers use 700Credit to send out letters like that just in case someone gets miffed about a possible ding to their credit score as a result of a vehicle purchase.I finally managed to reach Ken Hill, managing director of 700Credit, who explained to me that there are two scenarios that can trigger an adverse action notice.
I pointed out that neither of those scenarios applied to me. He said I might have received the letter “in error.” He also said some dealers “send an adverse action notice to everyone.”“All dealers have different policies about when a letter should be sent out,” Hill said, which is weird. The law should be the law.
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