NCC Offers Premium Liability Protection To Help Dealerships Comply With New Dodd-Frank Regulations

Aug. 2, 2011 - PRLog -- National Credit Center (NCC) establishes an online adverse action notification feature that simplifies the dealer’s ability to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This innovative compliance solution provides dealers with the necessary tools to observe the new credit score disclosure requirements imposed by congress.

Enacted on July 21, 2011, the Federal Reserve Board amended the Equal Credit Opportunity Act’s Regulation B to implement new credit score disclosure requirements for adverse action notices in order to reinforce consumer protection. Under the Dodd-Frank Act, dealers who make a credit decision based on an individual’s credit score must  now disclose when they use an individual’s credit score, the range of credit scores used, key factors that adversely affect the individual’s credit score, the credit score date, and name of the entity who supplied the credit score.

In order to protect the dealer, NCC has created a simple solution integrated into the credit platform providing automated adverse action notification. Dealers can instantly create an adverse action letter that automatically populates with the customer’s information in seconds. This enhancement ties in nicely with NCC’s additional compliance solutions, including automated red flag detection and OFAC security search that allow dealership groups to protect their organization and maintain ultimate compliance.

Jim Crichton, General Manager of NCC, affirms that “We have always assisted dealers in strengthening their compliance in the most efficient way possible. This has been our main objective since the very beginning and we will continue to strive for simple solutions that streamline the dealer’s compliance with new regulations.”



ABOUT NATIONAL CREDIT CENTER
National Credit Center (NCC) is a leading provider of credit reporting services, credit compliance solutions and lead generation tools designed exclusively for the automobile retail industry.  It maintains relationships with thousands of franchised automobile dealerships nationwide and with many of the automotive industry’s aggregators and business and customer management software providers to create value-added opportunities that optimize business processes and management practices.  NCC delivers one of the most comprehensive, cost-effective, easy-to-use set of solutions to facilitate data access, maintain regulatory compliance and enhance operational effectiveness and efficiency its automobile dealers clients rely on to support their efforts to manage expenses and increase profits.