—Auto Dealers Can Spot Trends in Potential Fraud, Curtail ID Theft—
First Advantage CREDCO, the leading provider of automotive specialty credit reporting and identity verification services, recently announced the availability of Red Flag IQ – a monthly report that summarizes potential fraud activity and related trends over a period of time. Offered free to U.S. automotive dealers who sign up for First Advantage CREDCO’s complete Red Flag Solution, Red Flag IQ is available exclusively through the company’s online service center, www.CREDCOservices.com.
First Advantage CREDCO expanded its Red Flag Solution – which provides identity verification, Office of Foreign Assets Control (OFAC) screening and credit reporting services – to include Red Flag IQ. Red Flag IQ is a valuable reporting tool that allows automotive dealers to monitor potential fraud activity and get detailed alert information on high risk applicants. Provided automatically to dealer customers each month, the free summary report also compares Red Flag activity against the national average.
“We’re pleased to expand our Red Flag Solution to include this valuable fraud summary report for our dealer customers,” said Eric Rumsey, president of First Advantage CREDCO. “Adding the Red Flag IQ report is one more way First Advantage CREDCO is helping to protect dealership profits – and ease the burden of new and changing compliance requirements – so that automotive dealers can focus on sales, particularly during this strained economy.”
Red Flag IQ Report
- Provides a snapshot of potential Red Flag activity over the previous two months, allowing dealers to monitor changes or trends
- Includes transactional data for consumers flagged as higher risk, so dealers can audit funded and unfunded loans
- Helps the dealership’s Red Flag Program Coordinator to develop and maintain its Identity Theft Prevention Program
- Provides objective third-party reporting to ensure internal checks and balances are not compromised
In 2006, First Advantage CREDCO was first in the industry to respond to, and address, the then-proposed legislation under the Red Flags Rule, which requires automotive dealers to establish and maintain an Identity Theft Prevention Program. When the new regulations went into effect January 1, 2008, First Advantage CREDCO introduced its Red Flag Solution to help satisfy certain requirements under the Red Flags Rule. Compliance is mandatory for automotive dealers as of November 1 of this year.
About First Advantage CREDCO
First Advantage CREDCO, a wholly-owned subsidiary of First Advantage Corporation and part of its Dealer Services segment, processes tens of millions of consumer transactions annually and is the leading provider of specialty credit reports and services to the automotive industry. Additionally, First Advantage CREDCO provides the automotive industry with comprehensive identity verification and consumer lead solutions.
First Advantage Corporation (NASDAQ: FADV) provides innovative products and services that mitigate risk by helping businesses, non-profit organizations and government agencies make more informed decisions. Headquartered in Poway, CA, the company has more than 4,800 employees in 12 countries that support over 90,000 clients globally.