Frequently Asked Questions
Most OFAC-checking services will inform you if there is a preliminary match against someone listed on the SDN List. If you get a preliminary match, you must take steps to determine whether the hit is genuine or a "false positive." OFAC recommends the following steps to take:
The Office of Foreign Assets Control "OFAC" of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction. OFAC maintains a list of names and aliases of individuals, organizations and companies that the U.S. government has classified as potentially dangerous and a potential threat to national security.
Financial institutions, securities firms and insurance companies are required by law to block or freeze property, payment of any funds transfers and transactions with anyone on this list. Failure to comply with OFAC regulations may result in strict penalties.
For more information on U.S. government's requirement, compliance, effective date and guidelines, please click here
CBC provides a service that matches names on credit reports against the OFAC list.
Although the OFAC list is publicly available, it is very difficult and labor intensive to manually search against these long lists. CBC uses the credit request input information (name, address, etc.) to search against the OFAC list.
What do I do if I get a "hit" message on an applicant?
If you have checked a name manually or by using software and find a match, you should do a little more research. Is it an exact name match, or very close? Is your customer located in the same general area as the SDN? If not, it may be a "false hit." If there are many similarities, contact OFAC's "hotline" at 1-800-540-6322
It varies, but generally the OFAC database is updated approximately every 10-14 days by the FTC.
If you receive an error when trying to access the OFAC database from our website it is most likely a bookmark issue. Try accessing the page from the CBC website, navigate to the Free OFAC page, and create a new bookmark.
The Red Flags Rule applies to all automotive dealers and actually became effective on January 1, 2008, with full compliance for all covered entities required by January 1, 2011. Previously, the Commission issued Enforcement Policies delaying the enforcement of the Rule as to entities under its jurisdiction. The Commission has continued to provide guidance through materials posted on the dedicated Red Flags Rule website here
Yes, if your dealership pulls credit reports on consumers, then you must provide a notice to your consumers to satisfy the Risk-Based Pricing Rule requirements. CBC simplifies compliance of this rule by providing the solution option as recommended by NADA and NIADA.
CBC can generate a Credit Score Disclosure Exception Notice along with a consumer credit report, to be provided to your consumers. This makes compliance simple and easy.
Anyone you cannot provide vehicle financing or a lease program or cannot come to agreeable terms presented by one or the other party.
The repositories can correct any inaccurate information that they may have in their permanent files. To dispute any inaccurate information with the repositories, you will need to contact them as follows:
P.O. Box 2002
Allen, TX 75002
P.O. Box 2000
Chester, PA 19022-2000
P.O. Box 740256
Atlanta, GA 30374
The consumer must provide a written request to the dealer who pulled the report(s) in error. The dealer must then produce a letter of explanation to CBC on company letter head. CBC will then forward the request to the applicable bureau(s) for processing.
A credit score is a number that predicts for a lender how likely an individual is to repay a loan, or make credit payments on time. When a lender requests a credit report and score from a credit reporting agency, the score is calculated by a "scorecard" or scoring model - a mathematical equation that evaluates many types of information from your credit report at that agency. By comparing this information to the patterns in thousands of past credit reports, scoring identifies your level of credit risk.
This link will explain FICO Scores
Yes, please call 800-448-0183 or email us at firstname.lastname@example.org and request the additional or new FICO score(s). Most requests can be completed within 2 business days.
The Federal Trade Commission "FTC" enforces credit laws that protect consumer's rights to obtain, use, and maintain credit. The Fair Credit Reporting Act "FCRA" was designed to help ensure credit reporting agencies "CRA" furnish correct and complete information to businesses to use when evaluating a consumer's application.
If you suspect someone has used your name, Social Security Number or driver's license to obtain credit, contact each of the three credit bureaus and request that a "fraud alert" be placed on your credit file:
Then you may want to consider doing the following:
Make sure you have the phone numbers that each national credit bureau has instituted for temporary credit file thaws available on a piece of paper that you can give to the consumer. The customer must make the call. If you want to spot deliver a vehicle prior to waiting for the credit agency to thaw your customer's credit file, use a good spot delivery agreement (unless your state prohibits or restricts use of spot agreements) that requires the consumer to immediately undertake thawing their credit files with all the bureaus thus allowing you to unwind the transaction if the consumer fails to do so or if you are unable to sell the deal once the credit report is available to your lending sources. It is not a recommended practice to spot deliver vehicles to customers whose credit files are frozen and not made available to you. A consumer who is unable to thaw their frozen credit file may be a "red flag" for identity theft.
The good news is fewer than 5% of all consumers have frozen their credit files. No doubt that percentage will increase as these laws and this credit freeze right receive more publicity and identity theft continues to be a widely-publicized issue, but hopefully the publicity will tell consumers how to thaw their files before they go shopping for credit. Dealers and lenders alike will need to develop procedures for consumers seeking auto financing who have frozen their credit files and do not have their PINs available to quickly make their credit report available.
Do a temporary thaw of your Equifax credit freeze by calling 1-888-298-0045.
Do a temporary thaw of your Experian credit freeze by calling 1-888-397-3742.
Do a temporary thaw of your TransUnion credit freeze by calling 1-888-909-8872.
Yes, we have on-call support 24/7. Simple phone in, leave a detailed message, and we will return the call as soon as possible.
Yes, please contact CBC prior to the move or ownership change so we can update your information with the Credit Reporting Agencies. Please note, an ownership changes requires a new set of membership documents.
Yes, please contact CBC to update your billing address.
If you are a current CBC customer, adding TransUnion or Experian to existing TransUnion or Experian service you DO NOT need a separate onsite.
Yes, if you are adding Equifax service to either TransUnion or Experian service you will be required to have a separate on-site performed for Equifax.
Yes, a new on-site is required for all new Equifax service and for all non-franchise dealers requesting new Experian and/or TransUnion service through a new provider.
Yes, contact CBC and we will provide you the proper form to place codes on the DealerTrack and/or RouteOne platforms.
No, you can still utilize all the benefits of the CBC "All Inclusive" compliance suite as long as the credit report is pulled through CBC.
Yes, please contact CBC and we will help you with the process of setting up a 2nd or 3rd bureau.