Five Tips for Dealers Trying to Get Their Shops in Order

Experian Automotive doesn't tell dealers how to run their internal compliance practices on hot issues and regulations. Instead, the company offers software tools that integrate with dealer-management systems. Experian focuses on providing credit profiles, identity accuracy and fraud protection tools to help dealers make better lending choices. Compliance is an important issue for dealers, says Melinda

Experian Automotive doesn't tell dealers how to run their internal compliance practices on hot issues and regulations.

Instead, the company offers software tools that integrate with dealer-management systems. Experian focuses on providing credit profiles, identity accuracy and fraud protection tools to help dealers make better lending choices.

Compliance is an important issue for dealers, says Melinda Zabritski, director-Automotive Credit at Experian Automotive, based in Costa Mesa, CA.

“As new regulations and compliance issues arise, dealers must always maintain a proactive compliance strategy to not only meet regulations, but to help ensure they are making safe business decisions.

She offers these five tips for dealers trying to get their shops in order:

  • Act quickly to ensure effective compliance practices are in place.
  • Assess current data on hand to determine whether it already addresses compliance issues.
  • Seek out the necessary tools and resources to help fill in the gaps.
  • When using a credit report, make sure to take advantage of all the information in the report. This means looking beyond the credit score and making sure the header information looks accurate and key pieces of information such as social security numbers and addresses match up.
  • In addition to credit reports and Fraud Shield, dealers should explore best in class consumer authentication tools such as Experian's Precise ID which leverages credit and non-credit data sources, decisioning and analytics.

Experian's software tools for compliance practices include:

  • The Experian Credit Profile Report — Provides accurate, complete and current information on a borrower to help dealers make the best lending decisions.
  • Precise ID — Identity authentication program assists in fraud detection, protection, and compliance. The platform integrates across the DMS with the latest suite of fraud detection tools to verify customer identities.
TAGS: Dealers Retail
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