Press Releases
June 16, 2008
First Advantage CREDCO Announces Red Flag Compliance Promotion
Customers Get Hudson Cook Red Flag Compliance Guide Free
First Advantage CREDCO, the leading provider of automotive specialty credit reporting and identity verification services, recently announced a special promotion designed to incentivize U.S. automotive dealers to comply with the new Red Flags Rule, which went into effect January 1, 2008. Dealers who sign up for the company’s Red Flag Solution – an expanded product offering to help dealers comply with the new regulations – will receive a free copy of Hudson Cook’s A Dealer’s Guide to the Red Flags Rule, a $50 value, while supplies last. Hudson Cook, LLC is one of the nation’s most highly regarded law firms practicing in the area of consumer financial services.
As a requirement of the new Red Flags Rule, dealers have until Nov. 1 of this year to establish and maintain an identify theft prevention program. The compliance guide book, authored by Michael Benoit with Hudson Cook, LLC, is a valuable resource for helping automotive dealers understand what the Red Flags Rule means and, more important, what dealers need to do to establish and maintain compliance with the new requirements. The book includes a valuable appendix that provides templates to help dealers set up their own Red Flags compliance program.
“By now, dealers understand that the compliance obligation surrounding the new Red Flags Rule is imminent,” said Michael Benoit, the book’s author and partner with Hudson Cook, LLC. “I wrote this book as a practical resource to help automotive dealers understand their obligations and provide a useful tool to help them achieve their compliance obligations.”
In response to the new compliance requirements, First Advantage CREDCO recently announced its allnew Red Flag Solution, an expanded product offering to help automotive dealers comply with the new Red Flags Rule. The new Red Flag Solution includes:
Identity Verification: Helps dealers quickly confirm their customer’s identity with a simple three-digit numeric score along with easy-to-read explanations for any ID inconsistencies.
OFAC Screening: Dealers can automatically screen car buyers against the OFAC list of terrorists, drug traffickers and money launderers prior to any sale.
Credit Reporting Services: Offers dealers a convenient prequalification credit tool that provides FACT Act fraud alerts.
“We’re pleased to offer a turn-key product solution to help dealers meet the new compliance requirements,” said Eric Rumsey, president of First Advantage CREDCO. “Plus, providing this valuable dealer compliance guide as part of our special promotion helps them understand and navigate the procedural obligations under the Red Flags Rule.”
For more information on First Advantage CREDCO’s Red Flag Solution and this special promotion, call 866.231.3191 or visit www.CREDCOservices.com/RedFlag.
About Michael Benoit
Michael Benoit is a partner in the Washington, D.C., office of Hudson Cook, LLP. He advises banks, sales finance companies, auto leasing companies, auto dealers and other creditors and technology providers on a wide range of consumer financial services law and F&I compliance. Michael has presented for a variety of industry and trade groups, including the National Automobile Dealers Association, the National Vehicle Leasing Association, the Mortgage Bankers Association, the Conference on Consumer Finance Law, the American Bar Association and various dealer groups and finance companies. More information about Michael Benoit and Hudson Cook, LLP is available at www.hudco.com. First Advantage CREDCO is continuing its compliance awareness initiative throughout 2008.
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