CoreLogic Credco Helps Dealers Comply with Federal Risk-Based Pricing Regulation
Email Dan Smith
December 13, 2010, Santa Ana, Calif. –
—Risk-Based Credit Score Disclosures Provided FREE to Automotive Dealers—
CoreLogic Credco, the nation’s number one provider of automotive specialty credit reporting solutions and a division of CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that it is providing the Credit Score Disclosure (CSD) Exception to the Risk-Based Pricing Notice free of charge to all participating automotive, recreational vehicle and marine dealers automatically with every CoreLogic Credco credit report ordered. Delivery of the free consumer CSDs began in December in preparation for January 1, 2011, the Risk-Based Pricing Regulation effective date.
On December 22, 2009, the Federal Trade Commission and Federal Reserve Board released the final rules for implementation of section 311 of the Fair and Accurate Credit Transactions (FACT) Act. Section 311 requires automotive dealers and other creditors to provide notice to consumers that are granted materially less favorable lending terms than other consumers based on data included in their credit report. In accordance with National Automotive Dealers Association’s (NADA) recommendation, CoreLogic Credco is offering the Credit Score Disclosure Exception as a compliance solution for the Risk-Based Pricing Regulation.
“We are pleased to offer this valuable service free of charge to our automotive, recreational vehicle and marine dealer customers,” said Patrick Colbert, senior vice president of Sales and Operations for CoreLogic Credco. “Our Risk-Based Pricing CSD Exception is part of our ongoing commitment to help dealers maintain State and Federal compliance requirements in a convenient, non-disruptive way so they can stay focused on sales.”
The Risk-Based Pricing CSD Exception includes model forms to ensure consistent disclosure information, a user-friendly customer Question and Answer format, and consumer score comparison data. The CSD is automatically fulfilled with every CoreLogic Credco credit report ordered.
CoreLogic Credco is the number one provider of automotive specialty credit reports, in addition to identity verification and dealer compliance solutions. To learn more about CoreLogic Credco Risk-Based Pricing Credit Score Disclosures, dealers can call (866) 301-9750 or visit www.credcoservices.com/RBP.
About CoreLogic Credco
Tracing its history over 50 years, CoreLogic Credco is the nation’s number one provider of merged and specialized credit reports, processing over 90 million credit and related transactions annually. With access to one of the nation’s largest consumer and business databases, CoreLogic Credco leads the automotive; recreational vehicle; marine; mortgage; bankruptcy and other specialty credit and retail markets with a broad range of advanced business information solutions designed to reduce risk and improve business performance. For more information visit www.credcoservices.com.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
CoreLogic and Credco are both registered trademarks of CoreLogic.