TORRANCE, CAL. – 700Credit, LLC, the industry’s leading solution for credit reporting and compliance products and services, released a new, updated Adverse Action Notice template to help all participating dealerships reach full compliance with the recently enacted Dodd-Frank Act. 700 Credit offers a range of solutions for easy adoption of the legislations new requirements, which holds the dealer responsible for giving customers additional credit score disclosures as part of an Adverse Action and Risk-Based Pricing Notice.
“While everyone within the automobile sales industry will have to adjust to the new regulations, we are making the transition as simple and seamless as possible for our customers,” said Curtis Knievel, Vice President – Sales and Marketing for 700Credit. “We continue to offer a range of solutions tailored to the specific needs of each dealership that provides the ease and effectiveness customers have come to expect from our industry-leading solutions.”
The Dodd-Frank Consumer Reform and Protection Act was introduced by legislators in an effort to protect consumers and increase transparency in the financial system. The legislation included changes to the Adverse Action Notice procedures that now require automobile dealerships to provide customers with five disclosures including a consumer’s credit score, range of possible scores, key factors adversely affecting score, the date the score was created, and name of person or entity providing the score.
For those dealerships currently using 700Credit’s automated mail house solution or printing and delivering the Adverse Action Notice locally, the templates have been updated automatically to comply with the new legislation with no further action required by our participating dealer.
As a company, 700Credit has developed a range of compliance solutions that can be tailored to fit a dealership’s interpretation of the law and internal policies for Adverse Action, including:
The option to print notices locally and hand-deliver them to each customer instantly at the dealership
- Template notices that meet FACTA, ECOA and FCRA compliance standards
- Mail house services managed by 700Credit to automatically print and deliver notices to a queue of applicants meeting specific parameters established by the dealership
- Auditing and storage of all letters, notices and proof of delivery for the legally mandated period of time
For more information on 700Credit’s Adverse Action Notice solutions for dealers, please call (866) 273-3848 or email sales(at)700credit.com. To learn more about 700Credit, please visit www.700Credit.com.
About 700Credit, LLC
700Credit, LLC is the automotive industry’s leading solution for credit reporting and compliance products and services. Products and services offered include credit reports, OFAC compliance, adverse action, fraud detection, score disclosure, online credit applications and more. 700Credit exists to provide its clients with the highest quality data in the most time efficient manner possible. For more information, visit www.700Credit.com.