Compliance Definition: Fair Credit Reporting Act

July 05, 2011 | No Comments | share on facebook | retweet | share on LinkedIn

by Randy Henrick

FCRA - (Fair Credit Reporting Act) – Governs the permissible uses of credit reports and requires disclosures to consumers when a credit report is used in making a credit decision. Also requires giving consumers opt-out rights with respect to sharing of consumer report information with affiliates or sharing any information with affiliates for marketing purposes. Contains requirements for credit bureaus and reporting creditors to make consumer reports more accurate and to correct inaccurate reporting.

DealerTrack offers FREE support to help dealers comply with the Dodd-Frank Act

July 21, 2011 | No Comments | share on facebook | retweet | share on LinkedIn

by DealerTrack, Inc.

DealerTrack is offering new free functionality to help dealers comply with Dodd-Frank Act requirement. This free functionality was available to dealers as of July 20, 2011.

The Dodd-Frank Act, which went into effect on July 21, 2011, requires additional information to be included in adverse action notices. This required information is similar to the credit score disclosure notice used to comply with the Risk Based Pricing rule.

ALL dealers who offer consumer financing are required by law to send adverse action notices.

For more information about how to comply with the Dodd-Frank Act and other auto finance rules and regulations, click here or call 1.888.479.7353.