First Advantage CREDCO Launches Red Flag IQ
POWAY, Calif. — First Advantage CREDCO recently announced the availability of Red Flag IQ, which is a monthly report that summarizes potential fraud activity and related trends over a period of time.
Offered free to U.S. automotive dealers who sign up for First Advantage CREDCO's complete Red Flag Solution, Red Flag IQ is available exclusively through the company's online service center, CREDCOservices.com.
First Advantage CREDCO said it expanded its Red Flag Solution, which provides identity verification, Office of Foreign Assets Control screening and credit reporting services, to include Red Flag IQ.
Red Flag IQ is a reporting tool that basically allows dealers to monitor potential fraud activity and get detailed alert information on high-risk applicants. Provided automatically to dealer customers each month, the free summary report also compares Red Flag activity against the national average, officials noted.
"We're pleased to expand our Red Flag Solution to include this valuable fraud summary report for our dealer customers," said Eric Rumsey, president of First Advantage CREDCO.
"Adding the Red Flag IQ report is one more way First Advantage CREDCO is helping to protect dealership profits and ease the burden of new and changing compliance requirements, so that automotive dealers can focus on sales, particularly during this strained economy," he continued.
Red Flag IQ Report:
—Provides a snapshot of potential Red Flag activity over the previous two months, allowing dealers to monitor changes or trends.
—Includes transactional data for consumers flagged as higher risk, so dealers can audit funded and unfunded loans.
—Helps a dealership's Red Flag program coordinator to develop and maintain an Identity Theft Prevention Program.
—Provides objective third-party reporting to ensure internal checks and balances are not compromised.
Compliance with the Red Flag rules is mandatory for dealers as of Nov. 1 of this year.
For more information about First Advantage CREDCO's Red Flag IQ or the complete Red Flag Solution, call (866) 231-3191, or visit www.CREDCOservices.com/RedFlag.