Newsletters

July 2007

BuyerID Index FREE to Dealers All Summer

You’ve no doubt heard enough about Identity theft and the risks it poses to your dealership. You may even know of a dealership – perhaps even your own – that’s been victimized by the nation’s fastest growing white collar crime.

How big is the problem?

Big enough. According to a 2007 report from Javelin Strategy & Research, in 2006 8.4 million Americans were victimized by identity fraud. While identity theft comes in many forms, 5% of all claims involve loan fraud. And to hit just a little closer to home, nearly 2% of all loan fraud cases involve auto loans and leases – equating to millions of dollars lost annually to dealerships like yours.

Red Flag Ruling Preparedness

Starting last month, First Advantage CREDCO began offering its BuyerID Index product to dealers at NO COST.

The free promotion, designed to raise awareness of the importance of protecting dealerships from identity theft and fraud-related losses, will continue through mid-September.

The proposed Red Flag ruling by the federal banking agencies and the FTC, which – when it passes – will require dealers to establish an identity theft program, prompted the First Advantage CREDCO promotion.

"This is a great opportunity for dealers to adapt their operating procedures to include a consumer verification component."

Patrick Colbert, Senior Vice President First Advantage CREDCO
Automotive & Specialty Markets Division

BuyerID Index

Automatically delivered along with the buyer’s credit report, BuyerID Index provides a three-digit numeric score (ranging from 000 to 999) that indicates the level of risk associated with that buyer – the higher the score, the greater the probability of identity risk. It enables dealers to quickly confirm a customer’s identity by verifying their Social Security Number, address and telephone number, providing easy-toread explanations for any ID inconsistencies.

For more information on BuyerID Index and details on the promotion, visit www.FADVCredco.com/FREE or call (866) 448-2473.

Tradeshows

We are exhibiting at the following tradeshows this fall – stop by!

• DealerTrack Innovation Conference
• F&I Conference, Las Vegas
• Special Finance Conference

View All Newsletters