Integrated Automotive Compliance Solutions
Fully integrated on major dealer finance platforms, CoreLogic Credco leads the industry with automated compliance tools. Our innovative solutions are designed to streamline your F&I processes, and help keep you compliant with applicable laws and regulations.
- Delivered automatically with each credit report, or as a stand-alone for cash deals
- Provided as a separate tearsheet with the credit report for your business records
- Clear warning message indicating a ‘possible match’ condition displayed at the top of the credit report
- CredcoServices.com conveniently available as a backup to dealer sales and finance platforms
The Office of Foreign Assets Control (OFAC) is a U.S. government agency that maintains a list of names and aliases of individuals, organizations and companies that the U.S. government has classified as potentially dangerous and a potential threat to national security. The U.S. government updates these lists periodically and maintains the blocking program. This requirement falls under the USA PATRIOT Act, the anti-terrorism legislation that was signed into law on October 25, 2001 as a result of the events of September 11. CoreLogic Credco has two solutions to get you compliant:
- Integrated Credit Report Solution - CoreLogic Credco screens your customers against the most current OFAC list and delivers the results automatically with every credit report.
- “Stand Alone” Solution - ProScan OFAC can be ordered as a stand alone solution for sales transactions that don’t require credit reports, such as cash transactions.
Failure to comply with OFAC regulations can expose you and your dealership to fines of $10,000 up to $10 million per occurrence and possible jail time.