Dealer Credit Report Software: OFAC, Red Flag Compliance, Risk Management

dealer credit report software

You need a dealer software to check credit reports of your customers. This is true even if you can judge a character perfectly or you sell vehicles cash only. Well, to be honest, if you sell pretty cheap vehicles like scooters and you sell them with cash only you do not need to check credit but that is rare. Most dealers need to check the credit report of a customer - even when they do not think they should.

If you sell vehicles with financing, you definitely need to check the credit report of the customer. Customers expect you to help them with financing. You cannot do that if you do not know their credit history. When you check the credit report of a customer, experienced finance managers can tell the deal he or she can get. With that, you can submit applications to the right lenders with our without your participation depending on your agreements. If you do enjoy a reserve account and profits of it, it is even more important to get the best deal for the customer that is affordable. If they default, you may not be able to get your money.

If you have your in house financing, credit reports are the bread and butter of your business. You should request for as much detail as possible. Our partner CredCo provides extended risk analysis products for such dealers. Even if you think you know your customer, you should check the report - at best you will be out a few bucks but you may save thousands.

Even if most of your deals are cash only, you need to check the credit reports. As part of the patriotic act, dealers are supposed to report suspicious transactions. The definition of suspicious is above $10,000 and below that it is subjective but if you end up selling a car to a terrorist you may be accused of money laundering. Credit reports show you if the person is in OFAC list in red flag compliance section. This is a list of people provided by government that you should not do business with because they are considered terrorists.

We provide credit reports through CredCo. Our integration makes it very easy to pull credit reports for your leads at. Read more about our credit report software here and contact us for a demo.

Dealer Management Software Solutions by Carsinia