Press Releases
September 25, 2007
First Advantage CREDCO Promotion Helps Auto Dealers to Guard Against Fraud
ID Verification Product Integrates with Dealer Operating Systems
First Advantage CREDCO, LLC, a wholly owned subsidiary of First Advantage Corporation (NASDAQ: FADV), a global risk mitigation and business solutions provider, today announced that its summer-long fraud services promotion targeting automotive dealerships is raising awareness regarding the value of protecting these businesses against identity theft and fraud-related losses.
Impacting thousands of dealerships nationwide, the promotion – which ran from June 1st to September 18th – offered First Advantage CREDCO’s score-based identity verification product, BuyerID Index, free to automotive dealers. The offer has helped automotive dealers understand the need to acknowledge and prepare for new legislation designed to protect consumer identities, such as the proposed Red Flag ruling by federal banking agencies and the Federal Trade Commission. If passed, the ruling would require automotive dealers to establish and maintain an identity theft program.
BuyerID Index, part of a complete suite of identity verification products, is available for delivery on over 40 dealer sales and finance platforms, including ERA® from Reynolds and Reynolds, RouteOne, DealerTrack, Advent, AutoStar and First Advantage CREDCO’s online portal, CREDCOServices.com.
“We are pleased to work with First Advantage CREDCO to help protect our dealer customers from fraud”, said Christopher Morris, senior director of product marketing at Reynolds and Reynolds. “Integrating BuyerID into the Reynolds CreditMaster platform has proven to be a convenient and effective solution to help dealers serve their
customers more effectively while helping to protect dealership profits.”
“Our integration with best-in-class providers such as First Advantage CREDCO offers dealers the identity verification solutions they need to protect the integrity of their dealerships as well as the security of their customers,” said RouteOne CEO Mike Jurecki. “We are pleased to participate in an awareness campaign that provides a critical value-add for our dealer customers.”
BuyerID Index, which is automatically delivered along with the buyer’s credit report, 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-to-read explanations for any identity inconsistencies.
“For those not already taking steps to protect their dealerships with identity theft programs, this promotion was a great opportunity to help our dealer customers adapt their operating procedures to include a consumer verification component,” said Eric J. Rumsey, president of First Advantage CREDCO. “BuyerID Index offers a solution that helps protect dealers from identity theft throughout the purchase cycle – one that’s easily integrated into their F&I processes.”
About Reynolds and Reynolds
Reynolds and Reynolds is the automotive industry’s largest and most trusted provider of automobile dealership software, services, and forms to help dealerships maximize sales and profits and improve business results. The company is headquartered in Dayton, Ohio, with major operations in Houston and College Station, Texas, and Celina, Ohio. More information is available at www.reyrey.com.
About RouteOne
RouteOne was formed in 2002 by DaimlerChrysler Financial Services, Ford Motor Credit Company, GMAC and Toyota Financial Services to create a more streamlined credit application for automobile dealers and their customers. Providing access to more than 21,500 dealers in North America, RouteOne’s Web-based system allows automotive dealers to submit credit applications to the largest indirect lenders, request credit reports, and increase profitability with RouteOne’s free Dealer Reporting Suite. RouteOne offers dealers a common platform for all their credit application financing needs. More information is available at www.routeone.com.
About First Advantage CREDCO
First Advantage CREDCO, a wholly-owned subsidiary of First Advantage Corporation, processes 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.
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 specialty finance 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 4,700 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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