MaximTrak knows that compliance with regulatory laws is of paramount importance to dealerships. Errors are inevitable if you don't have the right system. In response to this and so we have instituted several compliance measures to complement our overall F&I process. 

With a solid process defined for submitting OFAC & RedFlag Verification as well as Risk Based Pricing and Adverse Action Letter disclosures, a dealership can rest easy that they are compliant and focus on generating revenue. 

OFAC Verification

The Office of Foreign Assets Control ("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. 

Pursuant to the Patriot Act, the US Department of Treasury requires all lending institutions to scan the OFAC list during the loan application process.

MaximTrak has developed a proprietary algorithm that automatically scans each deal against the Department of Treasury, Office of Foreign Asset Control SDN (Special Designated Nationals) List. 

Red Flag Verification

A “Red Flag” is a pattern, practice, or specific activity that indicates the possible existence of identity theft. MenuTrak RedFlag ID is a turn-key Identity Theft Prevention Program (“ITPP”) which notifies dealers of potential issues and provides all the tools a dealer needs to help meet the new compliance requirements. The ability to quickly confirm customer's identity and evaluate potential fraud risk is integrated into the credit reporting process. 

MaximTrak offers real time audit reporting which tracks the performance of the dealer’s Red Flag program. We keep track of all potential alerts and the dealer’s response to help keep you in compliance with the audit provision of the Red Flag Rule. Available with every potential Red Flag hit, we provide a list of multiple choice “out-of-wallet” questions that an identity thief likely would be unable to answer.

The Red Flag ID program is available as a stand-alone service and can be used even if dealers do not pull credit bureaus through MaximTrak.

Additionally, if a creditor conducts a periodic account review and increases a consumer’s annual percentage rate because of a deteriorated credit report, the creditor must provide either a risk-based pricing/account review notice or adverse action notice to the consumer. 

The risk-based pricing notice rules apply only in connection with credit that is primarily for personal, household, or family purposes, but not with business credit or consumer lease transactions.

MenuTrak can amend these notices to the end of your credit reports to ensure dealership compliance with federal regulatory laws.

If your organization is interested in reducing risk, staying compliant, and streamlining your business process, contact MaximTrak today.