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 your dealership compliant with applicable laws and regulations.
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 antiterrorism legislation that was signed into law on October 25, 2001 as a result of the events of September 11.
OFAC Compliance Solutions
- Integrated Credit Report Solution - CoreLogic Credco screens your clients against the most current OFAC list and delivers the results automatically with every Credco credit report.
- “Stand Alone” Solution - OFAC Screening 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.
- Delivered automatically with each Credco 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
- Integrated on more than 50 dealer sales and finance platforms
- FCRA-certified, industry-trained service and support specialists