Complying with the Fair Credit Reporting Act (FCRA) and Equal Credit Opportunity Act (ECOA) regulations is not an easy or pleasant task for any dealership. Luckily, 700Credit does the heavy lifting for you. By offering an array of products and services in a customized package for your dealership, 700Credit has the tools to help keep your dealership in compliance with every customer and transaction. 700Credit’s compliance package includes solutions for:
With constantly changing laws and regulations, it can be difficult to stay on top of your compliance obligations. It is the responsibility of dealers to set-up in-house policies and procedures to monitor and report on these programs. Our Compliance Dashboard enables dealers to stay on top of and manage credit reporting and compliance from one single view.
700Credit’s Red Flag ID solution is customizable for your dealership’s specific needs and provides a total solution to satisfy all Red Flag requirements. This is an automated solution that shows results directly with the credit report. Available with every potential Red Flag alert, 700Credit provides a list of multiple choice “out of wallet” questions that an identity thief would have a hard time answering, allowing you to validate identity without the consumer leaving the dealership.
700Credit has developed a solution to keep your dealership in compliance with Adverse Action obligations. Our services can be tailored to fit your dealership’s interpretation of the law and internal policies. Not sure of your internal policy? 700Credit has also developed a base solution that follows industry best practice (and the best liability protection) to help keep you in compliance with federal and state laws and regulations.
Following the National Automobile Dealers Association (NADA) and National Independent Automobile Dealers Association (NIADA) recommendations, 700Credit’s free solution uses the Exception Notice option, otherwise known as Model Form B-4 and Model Form B-5, for those instances where a score is not returned on the consumer.
700Credit’s quick and easy OFAC solution screens all of your customers against the OFAC list for every transaction. If a match occurs, 700Credit will assist your dealership employees with the necessary steps to remain compliant with the federal government’s regulations.