LAKE SUCCESS, N.Y. -

With the Dodd-Frank Wall Street Reform and Consumer Protection Act becoming effective last week, dealers now have a few steps they must take when it comes to disclosing credit-score information in Adverse Action Notices.

As such, DealerTrack has upgraded its Performance Suite so that dealers can remain compliant with the act.

Basically, the act expands what must be provided in Adverse Action Notices when it comes to credit score disclosure information, DealerTrack explained.

Now, if a dealership or other business takes into account credit scores during credit decision-making, it has to share the following information within the Adverse Action Notices: the credit score used, what impacted the score the most, all possible scores from the specific model and other details.

Since DealerTrack has enhanced the product, dealers on the company’s credit application network can produce Adverse Action Notices and ensure they include all the necessary disclosures.

Also, DealerTrack Compliance Solution subscribers can electronically store all the Adverse Action Notices they create via DealerTrack. The storage is secure, officials noted. They can also keep an eye on any activity.

DealerTrack vice president and general manager of finance solutions Robert Granados emphasized: “We continue to engage dealers from across the country and stay abreast of updates to federal and state regulatory requirements.

“It is our goal to continue to deliver industry-leading tools and powerful reporting capabilities to help dealers comply with these regulations,” he added.