WEST MIDDLESEX, PA – Aug. 25, 2014: Autosoft, Inc., a leading national dealer solutions provider, announced today that it now offers convenient access to credit report and compliance services within its web-based FLEX F&I application. This feature is a result of a partnership between Autosoft and 700Credit, LLC, the industry leader in providing credit and compliance products and services exclusively to the automotive industry.
This partnership helps dealers to quickly complete the entire sales process without leaving Autosoft’s FLEX F&I application and in most cases, while a customer sits across the desk. Sales personnel can pull credit and comply with mandatory state and federal requirements using 700Credit’s Credit Reports product and the included compliance safeguard features.
“At Autosoft, we’re always looking for ways to make our customers’ jobs easier,” Autosoft’s Senior Vice President of Business Development Christopher Morris said of the new integration. “Convenience and cost-savings are important to our customers, so we’re happy to offer a fairly priced service that saves time and steps for our dealerships. More importantly, 700Credit provides our FLEX F&I users with a simple, efficient and effective means for ensuring compliance with federal and state laws that many dealerships may not even realize they are required to follow.”
Kenneth Hill, managing director of 700Credit, said of this new offering, “The integration with Autosoft’s FLEX F&I application gives dealerships complete, instant access to our credit reporting and compliance solutions. In today’s market, the ability to save time and not have to worry about the legal ramifications of various regulations brings dealers peace of mind while increasing profitability.” With just a few mouse clicks, FLEX F&I users can:
- Gain access to credit reports and credit scores (FICO and Vantage) from the leading national credit repositories, Equifax, Experian and TransUnion. The Vantage Score is a new generic credit scoring model that provides accurate scores for potential buyers who use credit infrequently and more credit-worthy borrowers from a broad population.
- Access a credit report summary that helps dealers and lenders analyze the most significant factors in a consumer’s credit file.
- Quickly comply with the U.S. Patriot Act by screening customers against the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for every commercial transaction at a dealership.
- Prevent identify theft and comply with the new FACTA “Red Flag” identify theft program with a turnkey solution that automatically alerts the dealer to potential identity theft Red Flags and offers verification options at the point of sale.
- Stay in compliance with federal and state adverse action laws and regulations. 700Credit can either print an adverse action notice for a dealer to provide to the customer or send it automatically on the dealer’s behalf within 30 days of the original application.
- Receive an automatically generated Risk-Based Pricing Score Disclosure Exception Notice each time a credit report is retrieved.
