Most businesses intend to consummate a deal for financing every time a hard-pull credit report is requested. However, when that transaction is not consummated, there is an obligation to send an Adverse Action notice to the applicant within a 30-day time frame.
That’s when problems arise. Regardless of the number of Adverse Action letters you are mandated to send or deliver, the in-house process requires a dedicated employee or additional resources that don’t exist in the budget. When it comes to regulatory compliance, is it worth the financial risk and the negative effects of an Adverse Action notice slipping through the cracks? And let’s not forget the cost of postage stamps is always increasing.
That’s when problems arise. Regardless of the number of Adverse Action letters you are mandated to send or deliver, the in-house process requires a dedicated employee or additional resources that don’t exist in the budget. When it comes to regulatory compliance, is it worth the financial risk and the negative effects of an Adverse Action notice slipping through the cracks? And let’s not forget the cost of postage stamps are always increasing.
CBC is the industry leader in everything credit report, compliance, fraud, and online credit application solution related.
With all that in mind, CBC developed the most advanced and most SECURE method of sending Adverse Action notices via email or text message, at a fraction of the cost of traditional methods.
Current delivery methods offered by other providers limit your business to producing Adverse Action letters at the time of the credit pull, before submitting the application to lenders, or relying on a process of snail-mailing letters within 30-days of the credit pull.
When you’re finished reading, click the image to see what Automotive News says about CBC’s Synthetic Fraud Solution.
Eliminate the burden today with CBC’s electronic delivery service. Don’t worry, if for any reason we cannot electronically deliver a notice, we have a fail-safe backup that will send it via snail-mail in the time frame allowed by law.
The setup process is simple. Contact CBC today and request to add the service. We will take it from there and begin processing your AA letters in no time.
To review the details regarding the Adverse Action ECOA and Regulation B guidelines, view our recent newsletter, Adverse Action Simplified and Explained.