The Most Complete Credit Report Compliance Solution Available
A lender must notify consumers when they have used information from a consumer's credit report to offer them credit with less favorable terms than the best terms available to other similar customers.
A Risk-Based Pricing/Score Disclosure notice must be provided to all applicants when a hard pull credit report is requested. The notice must be provided to the consumer as soon as practical after the credit report is pulled but prior to finalizing the transaction. This applies regardless if an offer of credit is issued or if a score is returned or not. Meaning cash buyers are still required to receive a notice if a credit report was pulled. It also applies to web-based electronic credit applicants if a credit report is pulled. Best practice is to hand the notice to the applicant at the time the bureau is pulled. In the event the applicant does not visit the dealership, the notice should be mailed immediately.
Fraud comes in many different forms, from personal identity theft to thieves developing a new person on paper. These created paper people are called synthetic identities. Synthetic ID's are created using different parts of real ID's such as, one person's SSN, another's name, someone else's address, and the list goes on.
CBC proudly stands at the forefront of dealership Red Flags detection and various other identity protection tools with detection built into CBC's proprietary Red Flags Compliance. Synthetic fraud detection by CBC makes it easy to detect potential fraud by delivering Red Flags, synthetic fraud results, and OFAC name search results at the top of the dealer run credit report. This proprietary process makes the daunting task of dealership due diligence easier than any other solution available.
CBC protects its customers by matching the persistence of fraudsters when it comes to developing sophisticated security measures. Just as criminals continue to evolve, so does the CBC team in order to safeguard our customers.
The Multi-rooftop Compliance Dashboard is integrated with Credit Bureau Connection's eCredit Complete credit reporting and compliance software solution. Your dealership's compliance officer and/or management team can configure, control, and monitor your dealership's compliance policy and business rules with this powerful tool.
The Compliance Dashboard for multi-rooftop dealer groups provides authorized compliance personnel a visual summary of each location either by individual rooftop or via a side-by-side graphical comparison. Authorized users can access the Compliance Dashboard with a single mouse click and instantly view all locations at one time in a quick, easy to read, graphical format. Additional detail information is available by simply mousing over a color coded bar and/or clicking a link to drill into specifics on any particular rooftop or applicant.
A new tool targeting synthetic fraud, developed by Experian and Credit Bureau Connection (CBC), has already thwarted three instances of fraud.READ MORE