Dealer solutions provider Autosoft now offers convenient access to credit report and compliance services within its Web-based FLEX F&I application because of a new a partnership with 700Credit.
On Monday, executives highlighted this partnership can help dealers quickly complete the entire sales process without leaving Autosoft’s FLEX F&I application — in most cases while a customer sits across the desk. Sales personnel can pull credit and comply with mandatory state and federal requirements using 700Credit’s credit reports product and the included compliance safeguard features.
“At Autosoft, we’re always looking for ways to make our customers’ jobs easier,” Autosoft senior vice president of business development Christopher Morris said of the new integration.
“Convenience and cost-savings are important to our customers, so we’re happy to offer a fairly priced service that saves time and steps for our dealerships,” Morris continued. “More importantly, 700Credit provides our FLEX F&I users with a simple, efficient and effective means for ensuring compliance with federal and state laws that many dealerships may not even realize they are required to follow.”
With just a few mouse clicks, FLEX F&I users can:
— Gain access to credit reports and credit scores (FICO and Vantage) from the leading national credit repositories, Equifax, Experian and TransUnion. The Vantage Score is a new generic credit scoring model that provides accurate scores for potential buyers who use credit infrequently and more credit-worthy borrowers from a broad population.
— Access a credit report summary that helps dealers and lenders analyze the most significant factors in a consumer’s credit file.
— Quickly comply with the U.S. Patriot Act by screening customers against the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for every commercial transaction at a dealership.
— Prevent identify theft and comply with the new Fair and Accurate Credit Transactions Act “Red Flag” identify theft program with a turn-key solution that can automatically alert the dealer to potential identity theft Red Flags and offers verification options at the point of sale.
— Stay in compliance with federal and state adverse action laws and regulations. 700Credit can either print an adverse action notice for a dealer to provide to the customer or send it automatically on the dealer’s behalf within 30 days of the original application.
— Receive an automatically generated Risk-Based Pricing Score Disclosure Exception Notice each time a credit report is retrieved.
— Use Prospect Prescreen to gain a unique insight into a customer’s credit profile from basic deal information — and without needing a Social Security Number or permission — enabling a more informed conversation with consumers during the sales process
“The integration with Autosoft's FLEX F&I application gives dealerships complete, instant access to our credit reporting and compliance solutions. 700Credit managing director Kenneth Hill said of this new offering.
“In today's market, the ability to save time and not have to worry about the legal ramifications of various regulations brings dealers peace of mind while increasing profitability,” Hill continued.
Hill added 700Credit is offering Autosoft’s FLEX F&I customers preferred, pay-as-you-use pricing for its credit reporting and compliance services.
Hill highlighted a wide array of compliance issues dealers must track during a recent webinar hosted by SubPrime Auto Finance News. The recording of that webinar can be viewed in the above window.