DMS provider Wayne Reaves Software rolled out an enhancement to its current platform that can provide the capability for buy-here, pay-here dealers to furnish credit data to Equifax.
The companies highlighted on Monday that the technology enhancement allows for a streamlined reporting process, using a program provided by Equifax together with the National Independent Automotive Dealership Association and the National Alliance of Buy-Here, Pay-Here Dealers.
“Reporting credit data can benefit both dealers and their customers,” Wayne Reaves president Jason Reaves said. “On one hand, you have dealers who will be armed with a more comprehensive view of a customer’s loan payment history, improving their ability to assess risk. And on the other, dealers who report credit data can provide a compelling value proposition for their customers, as timely payments could help them build their credit.”
Reaves added the latest version of the tool will help to support compliance efforts with consistent and seamless reporting of trade line data.
The company mentioned the enhancement will also offer access to Automated Data View, an Equifax solution that can allow dealers to quickly view the accuracy of reported payment and collection information, in support of the consumer dispute process.
“Traditionally, many independent and buy-here, pay-here dealers have faced obstacles in reporting their customers' auto loans and payments,” said Ryan Guthrie, vice president enterprise alliances of Equifax. “Previously, dealers had to hold a minimum number of accounts, which can be difficult for smaller operations to meet.
To help overcome these barriers, we started a program last year to enable NIADA and NABD dealer members to report their loan payment data to Equifax, regardless of how many accounts they hold, and Wayne Reaves has now successfully automated the process,” Guthrie added.
Wayne Reaves will be at the 18th annual National Conference for BHPH this week in Las Vegas to train customers on how to utilize the platform and report auto loan payment data to Equifax.