First Advantage CREDCO Expands Reynolds Partnership, Increases Red Flag Rule Assistance
POWAY, Calif. — First Advantage CREDCO reported that its CreditMaster solutions is now integrated with Reynolds and Reynolds' dealer management system POWER, in addition to recently announcing it is hosting a Webinar on the Red Flag Rule, as well as launching a new product to help dealers comply with these federal regulations.
CreditMaster solutions are already integrated with the Reynolds ERA DMS. Under the expanded partnership, First Advantage CREDCO will deliver CreditMaster credit reports, in addition to identity verification tools and Office of Foreign Assets Control screening through the POWER sales and finance platform for dealerships, officials indicated.
The integration of First Advantage CREDCO's product solutions can give participating Reynolds dealers fast and convenient access to consumer credit reports and help them maintain compliance with the new Red Flags Rule, they added.
"Our integration with First Advantage CREDCO further expands POWER's functionality," said Jon Strawsburg, vice president of product planning for Reynolds.
"Now, POWER customers have convenient access to CreditMaster tools to help them run their business, including identity verification solutions and tools to maintain federal compliance requirements," he continued.
First Advantage CREDCO's Red Flag Solution, a comprehensive offering of credit reporting services, identity verification and OFAC screening, is designed to help dealers comply with the new Red Flags Rule, which requires them to establish and maintain an identity theft prevention program by Nov. 1 of this year.
"Our expanded partnership with Reynolds helps our mutual customers verify potential customer identities automatically with every credit report," said Eric Rumsey, president of First Advantage CREDCO.
"Seamless integration provides fast, convenient access to credit information, important identity verification and compliance solutions — directly from their POWER dealer management system," he pointed out.
First Advantage CREDCO noted that it is the only credit and consumer information provider that is fully integrated with all the Reynolds DMS platforms.
Reynolds dealers interested in signing up with First Advantage CREDCO can visit www.creditmasterservices.com/SAVE10, or call (877) 265-4111.
Free Red Flags Compliance Webinar
On a related subject, First Advantage CREDCO, in collaboration with Hudson Cook and Compli, announced a comprehensive Red Flag Rule Webinar for dealerships will be held on Oct. 9.
The event will cover the legal, process and data requirements for developing a Red Flags Rule compliance program.
Hosted by First Advantage CREDCO, the Webinar — You and The Red Flags Rule: The Definitive 4-1-1 for Automotive Dealers — is offered free of charge and limited to the first 1,000 registrants. It is being held on Thursday, Oct. 9 from 9 a.m. to 10 a.m. PDT.
Featuring a discussion of the rule's requirements by Hudson Cook, LLP, compliance process advice from Compli and guidance on identity verification data from First Advantage CREDCO, the Red Flags Webinar is designed specifically to address the critical components and training requirements associated with the Red Flags Rule, which dealers are mandated to comply with by Nov. 1.
Attending dealers will benefit from three of the most influential industry experts by gaining a greater understanding of the Red Flags Rule so that they can effectively create and implement an identity theft prevention program for their dealerships, officials highlighted.
"Helping dealers understand the fundamental elements of the Red Flags Rule is our number one objective," said Michael Benoit, partner with Hudson Cook LLP. "This Webinar gives us an opportunity to offer a clear, easy-to-understand explanation of the rule's requirements that will assist dealers in achieving their compliance obligations."
Robert Miller, founder of Compli, added, "We're pleased to participate in this one-time event to help ease the minds of dealers concerning the compliance requirements around the Red Flags Rule. Dealers will gain practical, firsthand knowledge on the compliance processes and on-demand software tools they need to help them satisfy the mandate."
"For nearly two years, automotive dealers have been hearing bits and pieces about the Red Flags Rule and, as a result, have a lot of questions concerning its interpretation and fundamental requirements," said Rumsey. "We're pleased to offer this very unique opportunity for dealers to learn everything they need to know — such as the legal, process and data components of the rule — in a single presentation."
—Benoit, of Hudson Cook
—Miller, of Compli
—Cres Hay, senior product manager of First Advantage CREDCO
—Rumsey, of First Advantage CREDCO, as moderator
What Attendees Will Learn:
—Risk and Exposure of Identity Theft
—Legal Requirements of the Red Flags Rule
—System and Process Tools to Keep You on Track
—How to Best Communicate and Document Compliance
—Consumer Data Solutions to Help Satisfy Your Compliance Obligations
—Recommendations for Creating Your Red Flags Program
Attendees of this Webinar do not need to be Hudson Cook, Compli or First Advantage CREDCO clients to participate.
Register for the event at www.CREDCOservices.com/Webinar.
New Executive Summary Free with Red Flag Solution
Finally, First Advantage CREDCO announced the availability of an all-new Executive Summary, which is a streamlined report that summarizes critical consumer credit and compliance information.
The new report is designed to help dealers quickly and easily reference pertinent buyer information to assist with structuring financing options. The first release of the Executive Summary is available free only to dealers who sign up for First Advantage CREDCO's Red Flag Solution. It will be delivered automatically with each consumer credit report.
The Executive Summary consolidates key decision-making consumer information into a single, easy-to-read report to help streamline the overall F&I contracting and sales process, executives noted.
It features bureau score information, in addition to potential Red Flag fraud indicators such as Fair and Accurate Credit Transactions Act alerts, discrepancies in identity information, consumer identity data alerts, possible matches on the OFAC list of Specially Designated Nationals and more.
"Time and again, dealers have expressed the need to have pertinent consumer data at their fingertips in order to make quick, reliable sales and lending decisions," pointed out Rumsey.
"The Executive Summary conveniently organizes all of the consumer's credit and identity verification information on one sheet to help streamline their F&I processes and assist with satisfying their compliance requirements, so they can focus on the business of selling more cars," he concluded.
By the end of 2008, the Executive Summary will be available to all dealers and expanded to include additional consumer information, such as head of household income estimates and demographic data, additional tradeline information and more, officials highlighted.
For more information about First Advantage CREDCO's Executive Summary or the Red Flag Solution, call (866) 231-3191, or visit www.CREDCOservices.com/RedFlag.