by Ken Hill, Managing Director, 700Credit
Is your dealership’s compliance program ready for a government audit? What must your dealership have in place for Red Flag, Adverse Action and RBPN?
Laws and regulations change rapidly, making it difficult to stay on top of your dealership’s compliance obligations. Yet the cost of shirking this responsibility is high; you really have no choice.
Fortunately, many of the leading DMS providers are now integrated with 700Credit’s Compliance Dashboard, so you can perform and track your entire compliance process and meet mandatory federal requirements, all from within your platform!
Ten years ago, compliance was nowhere near as detailed as it is today. Similarly, ten years ago the complexity and usage of the DMS was nowhere near what it is today. So it makes sense that ten years ago, DMS vendors forgot about developing features that make credit and compliance management easy.
But today, that has all changed. Now when you’re in the middle of a deal, there’s no need to log into the DealerTrack or RouteOne lending platforms to process your applicant’s credit application. Now you can instantly pull up the same information from within supported DMS platforms, eliminating the need to switch back and forth between applications. This will greatly improve your workflow and save you time in the process! Only then export those deals that require financing into RouteOne and DealerTrack.
An integrated Credit & Compliance process improves workflow and helps to speed up the sales process, because the salesperson can stay right in the DMS throughout the entire purchasing process. The handoff to F&I also becomes more efficient, as all the data is already in the system once they make it to the finance office.
Most important, 700 Credit’s integrated Compliance Dashboard makes it easy for dealers to manage credit reporting and compliance from a single view. Both single and multi-rooftop views are supported, and issues of concern are highlighted in red for quick identification.
Items supported on the dashboard include Red Flag Alert status, OFAC Compliance, Adverse Action letter, and Risk Based Pricing Notices. Additionally, the Compliance Dashboard shows lead summaries for:
- QuickQualify – consumer soft-pull, pre-qualification solution
- QuickApplication – full online credit app
- QuickScreen – soft-pull, prescreen solution
With an integrated Compliance Dashboard your dealership will realize the following benefits:
- Ensure compliance processes are being followed
- Identify immediately when/where you are out of compliance
- Easily print audit reports
Make your compliance process part of your daily workflow. Give 700Credit a call today: (866) 273-3848.
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