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OFAC Screening

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.

Product Highlights

  • 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

OFAC Screening

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.

Penalties for Noncompliance

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.

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