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First Advantage CREDCO strives to lead the automotive retail industry with solutions that address the pressing issues of the day.  To that end, CREDCO is championing the cause with its new comprehensive Red Flag Solution. The expanded product offering, which includes identity verification, Office of Foreign Assets Control (OFAC) screening and credit reporting services, is designed to help U.S. automotive dealers comply with the new Red Flag Rules, which went into effect January 1, 2008. 

As a requirement of the new Red Flag Rules, dealers have until November 1 of this year to establish and maintain an identify theft prevention program. First Advantage CREDCO’s Red Flag Solution combines several powerful information solutions that help dealers meet the new compliance requirements. To simplify compliance, and streamline overall F&I dealer processes, the Red Flag Solution automatically delivers results with the buyer’s credit report. 

First Advantage CREDCO’s new Red Flag Solution includes: 

Identity Verification: Helps dealers quickly confirm their customer’s identity with an easy-to-interpret three-digit numeric score. 

OFAC Screening: Dealers can automatically screen car buyers against the Office of Foreign Assets Control list of terrorists, drug traffickers and money launderers prior to any sale.

Credit Reporting Services: Offers dealers a convenient prequalification tool that provides single-source access to credit reports from any of the three national credit bureaus.  

In the interest of raising awareness as well as motivating our customers to step-up their utilization of adequate identity verification solutions, for the months of April – June, CREDCO will extend our OFAC solution FREE to all CREDCO dealers not currently signed up for the full solution; report, score, OFAC and Buyer ID Index or Alert.  CREDCO Sign up 

You may recall in 2007, the company ran a summer-long fraud services promotion to raise awareness regarding the value of protecting dealerships against identity theft and fraud-related losses, and to prepare them for the then-proposed Red Flag Rules. As a prelude to this expanded Red Flag Solution, last year’s promotion offered First Advantage CREDCO’s score-based identity verification product free to thousands of dealerships nationwide.  For more information on signing up click here=Credco