Press Releases
June 23, 2008
First Advantage CREDCO Introduces New ACT Portfolio Management Tools
Good Timing for Dealers Who Carry Their Own Paper
First Advantage CREDCO, the leading provider of automotive specialty credit reporting and consumer information solutions, today announced the introduction of ACT Portfolio Management solutions, a powerful suite of automated customer tracking tools. The ACT suite, which consists of ACT Report, ACT Monitoring, ACT Tracing and a unique reporting back feature, ACT Back, is designed to help automotive dealers better manage their overall portfolio and improve their collection and recovery process by monitoring customer financial and credit behaviors.
The timing of the ACT product introduction is ideal for all segments of the dealer market (Buy Here Pay Here, leasing, new and used vehicle sales) that – as a result of slower car sales – are retaining and managing more of their own loan portfolios and selling off
"In these economic times, automotive dealers across the board are demanding innovative consumer information tools to help them make smarter, more informed lending and account management decisions," said Eric Rumsey, president of First Advantage CREDCO. "ACT empowers dealers to more effectively manage their loan portfolios by making decisions based on consumer-specific spending and cash flow indicators. This enables them to proactively manage their accounts to generate maximum revenue and profit opportunities."
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:
ACT REPORT – Non-Traditional Credit Information
The ACT Report provides critical information not found in a loan application or standard credit report. It delivers non-traditional credit data that helps dealers assess their customer’s overall credit risk so they can make more informed decisions.
ACT MONITORING – Automated Customer Tracking
ACT Monitoring notifies dealers about critical account status changes, such as new inquiries, eviction or bankruptcy, and recent skips with other businesses. This means they can tailor portfolio management strategies and reevaluate customer accounts based on new information.
ACT TRACING – Customer Skip Tracing Alerts
ACT Tracing provides new, highly accurate information on customer charge-offs, skips, and deficiency balance accounts, as well as updated customer contact information – in real-time. This means that in the case of a potential repossession, dealers will know exactly where to locate the vehicle for fast recovery.
ACT BACK – Report Back Feature
Dealers can now report back key credit data, letting them participate in an industry-wide effort to build and maintain a robust, reliable database of customers and non-traditional credit data.
The ACT Portfolio Management suite has already gained popularity among a select group of First Advantage CREDCO dealer customers, as well as a key partner, who agreed to participate in product testing. Autostar Solutions, a leading provider of software technology to automobile dealerships and finance companies nationwide, has been a valuable business partner to CREDCO since 1996 and has helped test the new product suite for dependability, accuracy and quality assurance.
“We consistently strive to provide our dealer customers with cutting-edge finance and information solutions,” said Allen Dobbins, president of Autostar. “ACT satisfies a long-awaited need in the automotive industry to provide accurate, timely and reliable customer data to help dealers manage their loan portfolios more effectively – and protect their profits.”
The new product suite is available via the company’s online service center at www.CREDCOservices.com. The CREDCO Service Center provides automotive dealers with convenient 24/7 online access to the ACT Portfolio Management suite, in addition to credit reporting services, lead generation solutions, identity verification and compliance tools.
For more information on First Advantage CREDCO’s ACT Portfolio Management, visit www.CREDCOservices.com/ACT or call (866) 226-9821.
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