CBC can send Adverse Action letters on behalf of your business to ensure compliance with federal regulations so you don’t have to worry about the process, can feel confident you are in compliance, and save money.
CBC’s Adverse Action letter fulfillment service provides the following benefits: Read
- eliminates the need to have staff members endure the tedious task of sorting through deal jackets to decide who requires a letter
- eliminates extra labor costs from staffers taking on the responsibility
- eliminates common human error when searching through deal jackets
- provides a huge cost savings if based on the top three benefits alone
- allows you to select the criteria by deal status or credit score
- sends Adverse Action letters twice monthly to ensure timing compliance
- supplies a summary report of all letters generated and sent
- automatically stores an electronic Adverse Action letter in the eVault providing a permanent audit trail and document verification
- requires no contract and no set up fees
Consider this: If you are sending Adverse Action notices internally in the required time frame, you are most likely paying $0.46 per stamp plus an envelope, paper, toner/ink, wear and tear on electronic devices, and LABOR, for someone to print, fold, stuff, address, stamp, and mail. How much does that cost per piece? What happens if an Adverse Action letter gets missed? Fines for Adverse Action letters not sent are $2,000.00 per occurrence.
Let CBC take the worry out of your Adverse Action letter process and we’ll make sure everything is handled correctly, timely, and compliant; allowing your staff to focus on sales, F&I, and office management.