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700Credit Updates Dodd-Frank Compliance Solutions

August 16, 2011

TORRANCE, Calif. —700Credit LLC has released an updated Adverse Action Notice template to help participating dealerships reach full compliance with the Dodd-Frank Act, which, among other requirements, added new  credit score disclosures mandates related to the Adverse Action and Risk-Based Pricing notice.

“While everyone within the automobile sales industry will have to adjust to the new regulations, we are making the transition as simple and seamless as possible for our customers,” said Curtis Knievel, vice president of sales and marketing for 700Credit. “We continue to offer a range of solutions tailored to the specific needs of each dealership that provides the ease and effectiveness customers have come to expect from our industry-leading solutions.”

Dealerships currently using 700Credit’s solutions for distributing Adverse Action notices will find the templates have been updated automatically to comply with the new legislation, which means no further action is required by the dealer, according to 700 Credit.

700Credit’s compliance solutions for Adverse Action include the option to print notices locally or hand-deliver them inside the dealership, template notices that meet FACTA, ECOA and FCRA compliance standards, mail house services, auditing and storage of all letters, notices and proof of delivery for the legally mandated period of time.

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