FARMINGTON HILLS, Mich. — RouteOne recently announced that it is now offering dealers a complimentary Risk-Based Pricing Notice tool to assist in compliance with the Risk-Based Pricing Rule issued jointly by the Board of Governors of the Federal Reserve System and the Federal Trade Commission.

The Risk-Based Pricing Rules generally require a creditor (in most cases this term includes dealers) to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms (APR) that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor (dealer) in connection with credit that is primarily for personal, household or family purposes, company officials explained.

The Risk-Based Pricing Rules take effect Jan. 1.

RouteOne indicated it will exercise the credit score disclosure exception to the risk-based pricing notice requirement, which provides the dealer the ability to print a Credit Score Disclosure Notice for all of the dealers' consumers that request credit from the dealer.

"We are pleased to offer our dealers a solution that is not only complimentary to them, but also requires very little additional effort on their part when processing a deal," said Mike Jurecki, RouteOne's chief executive officer.

"Using our solution, dealers can quickly and easily process a risk-based pricing notice for every customer and stay in full compliance at no cost," he added.

RouteOne is hosting a Webinar on this topic on Dec. 28.

The Webinar is set to being at 1 p.m. EST. Dealers may contact RouteOne Sales Support at (866) 933-0663 or [email protected] for additional information.