DealerTrack Releases Tools to Support Dodd-Frank Act Requirements
DealerTrack’s new feature is designed to allow users of its credit application network to generate Adverse Action Notices and new credit disclosures mandated by recently passed laws.
LAKE SUCCESS, N.Y. — DealerTrack announced the addition of free functionality to the DealerTrack Performance Suite that enables dealers to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act that went into effect on July 21, 2011. The enhancements are available to all dealerships on the DealerTrack credit application network at no charge, according to the company.
The new functionality allows any dealership using the DealerTrack credit application network to generate Adverse Action Notices with the required credit score disclosure information, which includes the credit score used, the primary reasons affecting the score, the range of possible credit scores for the model used and more.
Additionally, dealerships subscribed to the DealerTrack Compliance Solution will be able to continue to securely and electronically store all Adverse Action Notices generated through DealerTrack and monitor activity on the feature’s virtual dashboard.
"We continue to engage dealers from across the country and stay abreast of updates to federal and state regulatory requirements,” said Robert Granados, DealerTrack’s vice president and general manager of finance solutions. “It is our goal to continue to deliver industry-leading tools and powerful reporting capabilities to help dealers comply with these regulations."
The DealerTrack Compliance solution provides protection throughout the sales and F&I process, including credit reports, credit application submissions, menu presentations, and document storage and retrieval, as well as compliance with the Red Flags Rule, the Risk-Based Pricing Rule and Dodd-Frank Act requirements, according to the company.
For more information, visit www.dealertrack.com/compliance.
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