Implementing the Fair Credit Reporting Act Initiative for Auto Dealerships

Auto Dealerships are generally subject to the federal Fair Credit Reporting Act ("FCRA") because they use consumer reports in connection with credit applications. The FCRA makes it illegal to obtain a consumer report unless the company has a permissible purpose that it certifies to the consumer reporting agency upon requesting the report. The FCRA also imposes certain restrictions on the use of consumer reports which contain fraud alerts, as well as specific requirements relating to the assistance of victims of identity theft and address discrepancies.

Implementation Steps in this Guide

1. Edit and Distribute the Fair Credit Reporting Act Policy for Auto Dealers

2. Edit and Distribute The Fair Credit Reporting Risk Based Pricing Rule Policy

3. Edit and Distribute The Fair Credit Reporting Act and Regulation V Permissible Purposes for Obtaining Consumer Reports Policy

4. Edit and Distribute The Fair Credit Reporting Disposal Rule Policy

5. The Fair Credit Reporting Furnisher and Dispute Rule Policy

6. Distribute the Fair Credit Reporting Assessment

7. Distribute The Fair Credit Reporting Permissible Purpose Assessment

8. Distribute The Fair Credit Reporting Furnisher and Dispute Rule Assessment

9. Distribute The Fair Credit Reporting Risk Based Pricing Rule Interactive Policy Training

10. Distribute The Fair Credit Reporting Permissible Purpose Interactive Policy Training

11. Distribute The Fair Credit Reporting Disposal Rule Interactive Policy Training

12. Distribute The Fair Credit Reporting Furnisher and Dispute Rule Interactive Policy Training

Edit and Distribute the Fair Credit Reporting Act Policy for Auto Dealers

Edit the policy

1. Click on the Library tab
2. Search for "Fair Credit Reporting Act Policy for Auto Dealers" and click on it
3. Click on the Edit button to view the list of versions
4. Click Create Draft to the right of the latest published version
5. Click Edit next to the Draft version that you just created
6. Make desired changes to the policy
7. Click Publish when you have finished editing the policy
8. Click on the Permissions subtab
9. Add the appropriate group(s) of users who have permission to view this policy within the library
10. Click Submit to save

Schedule the activity for distribution

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on the Fair Credit Reporting Act Policy for Auto Dealers
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Edit and Distribute The Fair Credit Reporting Risk Based Pricing Rule Policy

Edit the policy

1. Click on the Library tab
2. Search for "The Fair Credit Reporting Risk Based Pricing Rule Policy" and click on it
3. Click on the Edit button to view the list of versions
4. Click Create Draft to the right of the latest published version
5. Click Edit next to the Draft version that you just created
6. Make desired changes to the policy
7. Click Publish when you have finished editing the policy
8. Click on the Permissions subtab
9. Add the appropriate group(s) of users who have permission to view this policy within the library
10. Click Submit to save

Schedule the activity for distribution

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on the The Fair Credit Reporting Risk Based Pricing Rule Policy
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Edit and Distribute The Fair Credit Reporting Act and Regulation V Permissible Purposes for Obtaining Consumer Reports Policy

Edit the policy

1. Click on the Library tab
2. Search for "The Fair Credit Reporting Act and Regulation V Permissible Purposes for Obtaining Consumer Reports Policy" and click on it
3. Click on the Edit button to view the list of versions
4. Click Create Draft to the right of the latest published version
5. Click Edit next to the Draft version that you just created
6. Make desired changes to the policy
7. Click Publish when you have finished editing the policy
8. Click on the Permissions subtab
9. Add the appropriate group(s) of users who have permission to view this policy within the library
10. Click Submit to save

Schedule the activity for distribution

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on the The Fair Credit Reporting Act and Regulation V Permissible Purposes for Obtaining Consumer Reports Policy
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Edit and Distribute The Fair Credit Reporting Disposal Rule Policy

Edit the policy

1. Click on the Library tab
2. Search for "The Fair Credit Reporting Disposal Rule Policy" and click on it
3. Click on the Edit button to view the list of versions
4. Click Create Draft to the right of the latest published version
5. Click Edit next to the Draft version that you just created
6. Make desired changes to the policy
7. Click Publish when you have finished editing the policy
8. Click on the Permissions subtab
9. Add the appropriate group(s) of users who have permission to view this policy within the library
10. Click Submit to save

Schedule the activity for distribution

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on the The Fair Credit Reporting Disposal Rule Policy
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

The Fair Credit Reporting Furnisher and Dispute Rule Policy

Edit the policy

1. Click on the Library tab
2. Search for "The Fair Credit Reporting Furnisher and Dispute Rule Policy" and click on it
3. Click on the Edit button to view the list of versions
4. Click Create Draft to the right of the latest published version
5. Click Edit next to the Draft version that you just created
6. Make desired changes to the policy
7. Click Publish when you have finished editing the policy
8. Click on the Permissions subtab
9. Add the appropriate group(s) of users who have permission to view this policy within the library
10. Click Submit to save

Schedule the activity for distribution

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on the The Fair Credit Reporting Furnisher and Dispute Rule Policy
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Distribute the Fair Credit Reporting Assessment

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on Fair Credit Reporting Assessment
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Distribute The Fair Credit Reporting Permissible Purpose Assessment

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on Distribute The Fair Credit Reporting Permissible Purpose Assessment
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Distribute The Fair Credit Reporting Furnisher and Dispute Rule Assessment

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on The Fair Credit Reporting Furnisher and Dispute Rule Assessment
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save 

Distribute The Fair Credit Reporting Risk Based Pricing Rule Interactive Policy Training

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on The Fair Credit Reporting Risk Based Pricing Rule Interactive Policy Training
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Distribute The Fair Credit Reporting Permissible Purpose Interactive Policy Training

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on The Fair Credit Reporting Permissible Purpose Interactive Policy Training
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Distribute The Fair Credit Reporting Disposal Rule Interactive Policy Training

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click onThe Fair Credit Reporting Disposal Rule Interactive Policy Training
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save

Distribute The Fair Credit Reporting Furnisher and Dispute Rule Interactive Policy Training

1. Click on the Workspaces tab
2. Click on the Consumer Finance workspace
3. Click on the Fair Credit Reporting Act initiative
4. Click on The Fair Credit Reporting Furnisher and Dispute Rule Interactive Policy Training
5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
7. Click Save