Wilson Technologies will help keep your dealership in compliance with all State and Federal legal requirements, while protecting both you and your customers from identity theft. The number of legal requirements that auto dealers must be compliant with is growing rapidly. These range from terrorist watch lists, to privacy issues, state repeat offender checks, do not call registries and financing requirements. You can rest assured knowing that your business is up to date with the ever changing government regulations.
The Wilson system easily satisfies all of these issues and makes customer handling smoother and more efficient.
The “Identity Theft Red Flags and Notices of Address Discrepancy” is a recent addendum to the FACT Act of 2003, responding to an Executive Order of the President of the United States to reduce Identity Theft throughout lending. All financial organizations are required to comply by January 1st, 2008, including auto dealers. An automotive dealership is considered an agent of the lender, and is specifically mentioned by name in the legislation. Furthermore, Identity Theft is very real and can occur at any point in the deal process, as early as the test drive, and at the dealership’s expense. WT’s proven sales process has pioneered identity theft prevention in the auto dealership industry long before it was mandated by federal law, saving dealers thousands of dollars in loss. By properly using the Wilson Technologies platform, you will be compliant with the Red Flags Rule.
Under the FACT Act there was a joint rule-making session between the FTC and the Federal Reserve Board implementing the Risk-Based Pricing Rule, which became effective on January 1, 2011.
In essence, the law will affect any dealer who uses a consumer report in connection with extending credit to an individual on material terms. If the terms offered are less than the most favorable terms available, the dealer must provide the individual with a risk-based pricing notice. The definition of “material terms” is related not only to the APR, but to any determination that varies according to the consumer report (such as a down payment).
Wilson offers the risk-based pricing form at no additional charge. All customers must receive a printed copy. The form is accessible from many convenient areas within the platform, including the “F&I Reports”, the F&I Menu and the customer profile’s “Credit Reports” tab. This will help you reduce your exposure to legal and regulatory risks. Dealers who do not comply with the new Risk-based Pricing Rule are subject to potential fines of up to $16,000 per violation, as well as possible penalties at the state level.
If a business takes any type of adverse action as defined by the FCRA that is based at least in part on information contained in a consumer report, Section 615(a) requires the business to notify the consumer.
Dealers are quickly finding that they can be sued if a potential customer gets declined for credit they helped apply for. That is, unless an official Adverse Action letter gets mailed to them within 14 days. Let Wilson Technologies remove this liability from your store. Wilson Technologies offers professional, reliable Adverse Action notifications to be sent according to your customer data.
USA PATRIOT is an acronym for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism. This law (now called Public Law # 107-56) was signed into effect by President George W. Bush on October 26, 2001. It is intended to strike at the terrorists and their ability to conduct business within the United States of America. Compliance was required by October 25, 2003. The Wilson Technologies SRR2100TM offers instant compliance, with no requirement for integration into your IT infrastructure.
Wilson Technologies and the SRR2100TM offers instant compliance with a simple, easy to use system that does not require integration into your existing systems. The SRR2100TM can stand alone and offer you the peace of mind of compliance with the USA Patriot Act, as well as significantly reducing the opportunity for identity theft and fraud to threaten your profits. Wilson Technologies simply "secures your future".
We ensure that you know which of your customers have registered with the Do Not Call Registry and help you work within the bounds of your "established business relationship." Do not initiate a telephone call or message to a consumer who has registered his or her phone number on the National Do-Not-Call Registry.
The Federal Trade Commission (FTC) has issued a Safeguard Rule for automotive dealers. It is meant to ensure the security and confidentiality of customer records and information; protect against any anticipated threats or hazards to the security or integrity of such records; and protect against unauthorized access to such records or information that could result in substantial harm or inconvenience to any customer. Following are a select list of suggestions from the Safeguard Rule on how to maintain security throughout the life cycle of customer information and an explanation of how Wilson Technologies ensures that your dealership complies with these particular Safeguard Rules.
A password or biometric fingerprint is required to access customer data in the Wilson Technologies’ system. In addition, the Wilson Technologies system only allows access to certain data for different managers and salespeople. Salespeople only have access to their customer’s data, and never have access to extremely sensitive information, such as credit report results and scores. Data is kept secure through an off-site server and 128bit encrypted in transfer. All data is stored and accessed in compliance with the GLB Act. Wilson Technologies’ system never stores information on other computers and no information is required to be printed on paper.
A Secure Sockets Layer (SSL) is used in the Wilson Technologies’ system so that information is encrypted in transit. All encryption and security is integrated directly into all Wilson Technologies tools.
All data is stored indefinitely, and in full compliance with the law. Credit applications are maintained securely for the minimum five years designated by the FACT ACT. However, in the event that data is requested for deletion, all data is securely purged from the system.
All data is securely and redundantly archived for disaster recovery. Databases are stored on RAID striped storage servers and tape backups are performed regularly on off-site locations.
Wilson Technologies provides state specific queries for license bureau issues. Some states have statutes that restrict the registration of vehicles based on a person’s driving record. The findings on those queries are displayed on the Wilson Technologies license scan.