In the past, dealers relied on their lender partners to provide any legally required notices to the customer when credit was denied or credit terms modified. However, under the new FCRA and ECOA regulations, dealerships are considered creditors and are now responsible for providing Adverse Action notices to customers that were not offered financing or consumers who were offered alternative financing, but denied the offer.
700Credit has developed a solution to help 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.