Compliance Solutions

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Always Be Ready for Future Audits with Automated Compliance

Complying with the Fair Credit Reporting Act (FCRA) and Equal Credit Opportunity Act (ECOA) regulations is key to dealership success. 700Credit offers customizable products and services to automate compliance practices, keeping dealerships ready for future audits.

Our compliance offering includes:

  1. Risk-Based Pricing Notice
  2. Adverse Action
  3. Red Flag ID
  4. Out Of Wallet Questions
  5. OFAC Search
Sales Sheet

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Compliance Dashboard

Our Compliance Dashboard is a complete monitoring solution, that is unique in the industry and helps you manage and stay on top of credit reporting and compliance from one single view.

This dashboard closely monitors your efforts to ensure compliance processes are being followed. We support both single and multi-rooftop views, ensuring you have your finger on the pulse of every compliance concern in your business. Items supported on the dashboard include:

  • Adverse Action Notices
  • Risk-based Pricing Notices
  • OFAC Search
  • Red Flag ID
  • Out of Wallet Questions

Our dashboard also includes lead and compliance information for:

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Image of Compliance Dashboard. The Compliance Dashboard shows all the analytics and information a dealership needs to ensure their sales are meeting compliance standards and goals.

What our Customers are Saying

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Since we have gone to 700Credit, our desk managers like the display of the credit bureaus. It is easier to read, and if there are any red flags, 700Credit will give you questions to ask to verify customer identity, keeping us in compliance. Our finance managers like the ease of printing our Risk-Based Pricing Notices and Adverse Action Letters. Being able to go and look at everything run on a particular day or week in the 700Dealer.com portal is easier than trying to go and look up an individual customer because of its integration with our systems. I like that I can go into my iPhone on the 700Credit app and see what is going on at work when I am not there. Overall, we have been very happy with 700Credit.

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Casey Clinger
Director of Variable Operations
Hendrick's Chevrolet

Compliance Requirements

Adverse Action Notices

Dealerships are considered creditors and are 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 a solution that automatically keeps your dealership in compliance with Adverse Action obligations.

Risk-Based Pricing Notices

The Risk-Based Pricing Regulation affects dealerships whether or not they pull a credit report on their customers. The regulation is intended to improve the accuracy of credit information by alerting those consumers who may have negative information existing on their credit file. Consumers are provided their score, how their score ranks nationally and some educational information on how to obtain a copy of their report and what to do if they find inaccurate information.

OFAC Search

700Credit’s quick and easy OFAC solution screens your customers against the OFAC database with 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.

Red Flag ID

Our 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 within 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.

Out of Wallet Questions

Out of Wallet (OOW) questions are designed to speed the verification process and keep your customers in your store. When a Red Flag alert occurs, your dealership must validate the person’s identity. If you ask an applicant for additional forms of identity and address verification and they have to leave the store, you risk them not coming back.

  • Available – OOW questions are available instantly and available for every applicant processed through our 700Dealer platform or through our affiliate partner’s platform
  • Added Security – Multiple choice questions that would be hard for an identity thief to answer
  • Instant Verification – If the customer answers the majority of the questions correctly, their identity is verified and the alert is automatically resolved, allowing you to proceed with the transaction
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