MILITARY LENDING ACT
The Solution is Here!
Real-time verification of active-duty military status directly from the DoD
Available as an add-on to every credit report inquiry request
Recieve a“Covered” or “Non-Covered” response based on information from the DoD
Maintain MLA compliance and meet safe harbor provision.
Learn more about the MLA provisions in this blog post.
We make staying compliant fast and easy! Whether you are a single rooftop or have a 100 dealerships in your auto group, our compliance suite is custom tailored to your needs. We make the act of pulling credit, running red flags, checking OFAC, and delivering risk based pricing and adverse action notices lightning fast. Literally with one click of the mouse! Additionally, compliance officers can monitor every action with from one screen and all compliance activity is stored indefinitely. With state-of-the-art technology, we feel you would be hard pressed to find a piece of technology to match it.
We have made it easy to comply with this requirement. When an auto dealer pulls a credit reports through our credit reporting portal, our system automatically creates the Credit Score Disclosure Exception Notice along with the credit report. From the credit report, finance departments can effortlessly print the notification to hand to your purchaser. The credit reporting portal also creates the appropriate notification if the car purchaser does not have a credit score.
To safeguard compliance and preserve an audit trail, the Credit Score Disclosure that is created is retained in our eVault. To that extent, eCredit Complete is an electronic storage repository which stores and recalls records for your protection against an audit or customer dispute.
SATISFIES ECOA AND FCRA REQUIREMENTS
Generally speaking, Adverse Action is an explanation of credit rejection or the failure to come to satisfactory terms on a deal with the consumer. When a credit report is acquired by an auto dealer, the dealership becomes a “creditor” for FCRA and ECOA are subject to their adverse action notice requirements. In this context, dealerships have the obligation to send adverse action notices to their prospect within thirty days of obtaining the consumer’s credit application in the following three scenarios:
When an agreement is unraveled or a spot delivery transaction is re-contracted.
Upon receiving a credit application from a prospect but the submission is not give to a finance source for assessment.
If the dealership can’t finance the customer for the reason that they didn’t receive a satisfactory offer from a financier or the shopper denies the dealership’s final offer.
Adverse Action notices are automatically generated by our credit reporting compliance suite. With one click, your finance department can print out the notice and had it to the customer. Alternatively, we can send them out for you!
TRACK YOUR COMPLIANCE WITH EASE
The Compliance Dashboard integrates with our credit reporting solution, eCredit Complete. Your dealer’s compliance officer and designated staff can control and monitor your auto group’s compliance activities with this cutting edge tool.
More specifically, the Compliance Dashboard provides your dealership’s designated representatives and compliance department a visual of each roof-top either by individual dealer or a side-by-side graphical chart. Your representatives can access the Compliance Dashboard with a single click and instantaneously see all sites in a speedy and simple to read format. Additional information is available by simply clicking a link to look at any specific rooftop or applicant.
RED FLAGS SUMMARY
We Red Flags Rule to new levels with sophisticated information in the credit report itself. Using state-of-the-art programming logic, our technology is able to provide information others cannot.
From a Red Flag as common as an address mismatch to larger Red Flags like social security number checking and fraud alerts. No more getting contracts returned from lenders due to unreported Red Flags.
IDENTITY VERIFICATION SIMPLIFIED
eCredit Complete Red Flags embodies an "all inclusive" ID Theft Worksheet which further protects dealers.
Included in the compliance dashboard are Out-of-Wallet questions.
ID Theft Suspicious Information
Simple inquiries supporting the need for more confirmation.
Printable ID Verification Worksheet
Print out Out-of-Wallet questions and hand the page to the applicant. This enables dealers to verify answers based on data provided from the bureaus.
Trackable Additional ID Verification
Need additional evidence? The ID Theft Worksheet enables auto dealers to document additional information needed to confirm identity.
Compliance Management Made Easy
Design specific levels of risk that will prompt your staff based on the Red Flag Risk Indicator.
Dealership Personal Accountability
Our Red Flags solution gives your auto group the tools to hold staff accountable.