700Credit, LLC

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Compliance Solutions

700Credit offers an array of automated products and services for your dealership, all of which work to keep your dealership ready at all times for future audits.... More Info Less Info







COMPLIANCE SOLUTIONS

Compliance is a daunting task for any dealership but the key to adhering to the Fair Credit Reporting Act
(FCRA) and Equal Credit Opportunity Act (ECOA) regulations is consistency. 700Credit offers an array of automated
products and services in a customized package for your dealership, all of which work to keep you ready at all times for future audits.

Compliance offerings include:

• Red Flag
• OFAC
• Adverse Action
• Risk based pricing notices
• Out of wallet questions
• Privacy Notices

Learning Management System (LMS)

Dealers are fined millions of dollars every year for not following the proper government regulations around the accessing and handling of customer’s sensitive credit data.

As the largest reseller of credit reports from all three bureaus – Experian, Equifax and TransUnion – 700Credit has always strived to provide a comprehensive and automated compliance solutions to keep you compliant with every credit report pulled.

To further our efforts in providing the best compliance and risk mitigation services to our clients, we are pleased to introduce our new web-based, self-paced LMS which will provide the required training your dealership needs to remain compliant with every transaction and avoid costly fines.

Our LMS consists of 8 courses which take less than an hour in total  to complete, but will keep your store and staff prepared for an audit.  



Credit Reports

700Credit is the largest authorized reseller of credit reports from Equifax, Experian and TransUnion. Credit Reports contain information from credit grantors, courts, and collection agencies regarding the historical loans by the consumer.... More Info Less Info







700Credit is the largest reseller of credit reports
from Experian, Equifax and TransUnion. Dealers
have their choice of credit report format and scorecard.
 

Exclusive to 700Credit is our
HTML credit report format which makes the
information easy to read in a standardized format
with a profile summary.

Our solution includes an exclusive Auto Summary,
providing a “snapshot” of important activity
including the consumer’s monthly auto payments,
interest rate, loan termination date and
outstanding balance in an easy to locate and read
format.

For a quick score comparison between the credit
bureaus, we’ve added the Score Summary
Dashboard which provides a graphical view of
each credit bureau score without having to scroll
through each report.



Identity Verification and Fraud Detection

700Credit provides a full suite of identity verification, fraud detection and driver's license authentication solutions for dealerships.... More Info Less Info





The headlines today tell the story – identity theft and fraud committed in the auto industry has topped one billion dollars – and continues to rise.  Threats are coming at you from multiple directions.  700Credit is here to protect your store through our all-encompassing Identity Verification and Fraud Detection platform which includes the following solutions:

Identity Verification

Our flagship product provides a summary table of results appended to each credit report providing a vital service by flagging information that on the surface may seem true, but in reality, is questionable. These warning messages focus on high-risk applicants, social security numbers, driver’s licenses, and addresses.

Synthetic ID Fraud

Advancements in identity authentication practices compel criminals and their networks to constantly adjust their tactics to exploit opportunities for which there are limited solutions. Synthetic identity fraud is a recent example of this type of criminal creativity.

Our Synthetic ID Solution is built to combat synthetic fraud using a breadth of data and a suite of analytical fraud solutions to prevent criminals from continuing to hide behind their false identities.

Driver’s License Authentication Solutions

Protect your store with the industry’s most advanced data capture and driver’s license authentication solutions for automotive retailers today.  We have 2 platforms for dealer’s to authenticate customers – both remotely and in-store.  Our solutions empower dealers to identify – and stop – fraud at the TOP of the sales funnel.

Mobile Scanning Solution

QuickScan from 700Credit is a powerful mobile document authentication platform that provides dealerships real-time confirmation of the legitimacy of a customer’s driver’s license and identity. Although it can be used in-store, it is particularly helpful when used to verify the identities of online car buyers and leads.

Physical Scanning Solution

ID Drive from 700Credit & eLend Solutions provides dealers with the most comprehensive physical driver’s license scanning solution for automotive dealers today. This platform combines our prescreen & prequalification platforms, and our suite of Identity Verification tools including Red Flag & Synthetic Fraud detection to deliver fast, accurate results.



Soft Pulls

700Credit provides multiple soft pull solutions to prequalify/prescreen consumers at the top of the sales funnel to drive more qualified leads.... More Info Less Info





Soft Pull Solutions from 700Credit

The term “soft pull” refers to an action where
an inquiry is made on a consumer’s credit
file using name and address only. There is no
social security number or date of birth required, and
more importantly, it will not place a hard inquiry on
the consumer’s credit file.


700Credit offers two kinds of soft pulls: a
consumer-initiated or prequalification soft pull and
a dealer-initiated prescreen soft pull.


With a prequalification, the consumer drives the
process and provides “consent” to have the soft
inquiry pulled. These types of soft pulls can be
found on dealer websites and digital retailing apps,
in the form of buttons and banners strategically
placed to receive the highest rate of clicks. Upon
completion of the prequal form, the dealer is
provided a FICO score, full credit file, and auto
loan summary so they can provide “penny perfect”
payment quotes with interest rate so the first call
can be a closing call.


With a prescreen, dealers initiate the soft pull using
the consumer’s name and address (again no SSN
or DoB required) and receive a FICO score and auto
loan summary again so they have visibility into
the consumer’s credit profile and can provide an
accurate payment with interest rate at the top of the
sales funnel.

This company does business in international markets.