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LAKE SUCCESS - 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, which went into effect on July 21, 2011.
The enhancements, which were launched on July 20, are available to all dealerships on the DealerTrack credit application network at no charge.
The Dodd-Frank Act further extends the necessary credit score disclosure information required in Adverse Action Notices. Under the Dodd-Frank Act, businesses that use credit scores to make a credit decision must provide the credit score used, the primary reasons affecting the score, and the range of possible credit scores for the model used, among other information, within the Adverse Action Notices.
With the new functionality, any dealership using the DealerTrack credit application network will be able to generate Adverse Action Notices with the required disclosure information.
In addition, 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 one-of-a-kind compliance dashboard.
This premium functionality is especially useful in helping dealers not only maintain compliance within their dealership, but in helping them prove it in the event of an FTC or Attorney General audit.
According to Robert Granados, vice president and general manager, Finance Solutions, DealerTrack, "We continue to engage dealers from across the country and stay abreast of updates to federal and state regulatory requirements. 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 helps protect a dealership 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.
The DealerTrack solution allows dealers to work all deals on one fully integrated and secure platform to streamline the process and protect their dealership and its customers.
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