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700Credit is the automotive industry’s leading solution for credit reporting and compliance products and services. As part of 700Credit’s ongoing commitment to dealer compliance, we have developed RedFlag ID. RedFlag ID is designed to keep dealers in compliance with the new Identity Theft Red Flags and Notices of Address Discrepancy program requirements. Name and Address Discrepancy provides a vital service by issuing warnings about information that appears to be genuine on the customer’s application but, in reality, may be questionable. RedFlag ID warning messages focus on high-risk applicants, social security numbers, specific RedFlag patterns of fraud and more.
Combined with 700Credit’s credit reporting solutions, RedFlag ID automatically alerts the dealer to potential red flags on each credit application. Warning messages are easy to read and can be reviewed by dealership personnel. According to 700Credit President Matthew Briggs, "Dealers are now faced with the daunting task of becoming Red Flag compliant. Red Flag ID is a complete turn key solution which not only keeps dealerships in compliance with federal law, but provides extended capabilities for detecting, preventing, and mitigating identity theft."
While the mandatory compliance date for the Red Flag rules is expected later this year, the good news is you can minimize your exposure to loss by putting policies and procedures into place now.
