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In this video, consumer protection attorney Bill Clanton discusses adverse action letters. An adverse action letter is issued when your credit report leads to a denial of credit or other opportunities. The letter informs you of the denial and the reasons behind it. These letters are crucial as they enable consumers to identify and address any potential errors on their credit report. Adverse action letters are mandatory when a creditor denies a loan application, commonly encountered after being turned down for a car loan. Understanding these letters helps consumers take necessary steps to rectify issues with their credit reporting.
