Press Releases
May 22, 2006
First Advantage CREDCO Introduces BuyerID
Car Dealers Gain Protection from Fraud, ID Theft
POWAY, Calif., May 22, 2006 — First Advantage CREDCO, LLC, a wholly owned subsidiary of First Advantage Corporation (NASDAQ: FADV), a global risk mitigation and business solutions provider, today announced the introduction of BuyerID, a new suite of smart identity verification solutions for car dealers. BuyerID, which includes BuyerID Alert, BuyerID Advanced, and BuyerID Check, is designed to help car dealers prevent identity fraud and vehicle theft, and the associated losses before they happen.
Considered the fastest growing crime by the FBI, franchise and privately owned automotive dealers alike have become prime targets of identity thieves. As a result, dealers are motivated now more than ever to protect their dealerships from related fraud losses.
“In the past, dealers generally needed to demonstrate due diligence in cases of identity fraud and the banks would usually take the loss," said Kevin Clements, senior vice president of corporate development for First Advantage CREDCO. "But as losses continue to multiply, more lenders are expecting dealers to stop identity thieves before they take possession of a car. Those that don't may find themselves on the hook for both the loan and the missing car.”
First Advantage CREDCO’s BuyerID offers a complete suite of smart identity verification solutions that help protect dealers from identity theft throughout the purchase process.
BuyerID Alert
BuyerID Alert is the first step in First Advantage CREDCO’s identity verification process. Automatically delivered along with the buyer’s credit report, BuyerID Alert enables dealers to quickly confirm a customer’s identity by verifying their Social Security Number, address and telephone number.
BuyerID Advanced
BuyerID Advanced accesses multiple sources to deliver the most thorough applicant verification data available. Each Web-based report automatically includes OFAC screening and a color coded risk indicator, so dealers can quickly and easily evaluate the relative risk level for each individual before selling them a car. Risk indicators are based on validating key consumer information such as name, address, date of birth, Social Security Number and driver’s license.
BuyerID Check
BuyerID Check’s convenient Web-based solution allows dealers to quickly and easily determine whether or not a customer has an active checking account with a positive balance – another valuable tool to protect dealers from fraud.
“Identity theft is one of the single largest areas of concern facing dealers today. When it occurs, they not only lose the vehicle, but their reputation takes a hit at both the consumer and bank levels,” said Christopher Morris, senior director of F&I Solutions at Reynolds and Reynolds. “As First Advantage CREDCO’s partner in delivering CreditMaster credit reports to our Reynolds dealers, we look forward to offering these solutions to help mitigate the growing risks our dealers face.”
BuyerID Alert, BuyerID Advanced and BuyerID Check are the first in a series of comprehensive identity verification solutions planned for introduction this year by First Advantage CREDCO.
About First Advantage CREDCO
First Advantage CREDCO, a wholly-owned subsidiary of First Advantage Corporation, processes millions of credit transactions annually and is the leading provider of specialty credit reports and services to the automotive industry. More information about the company can be found at www.FADVCredco.com.
About First Advantage Corporation
First Advantage Corporation (NASDAQ: FADV) combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the automotive, mortgage and subprime markets; business credit information in the transportation industry; lead generation services; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; insurance fraud, corporate and litigation investigations; surveillance; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software; renters insurance and consumer location services. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in St. Petersburg, Fla., and has more than 4,100 employees in offices throughout the United States and abroad. More information about First Advantage can be found at www.FADV.com.
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