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First Advantage CREDCO Introduces BuyerID

May 25, 2006

POWAY, Calif. -- First Advantage CREDCO LLC, a wholly-owned subsidiary of First Advantage Corp., has introduced BuyerID, a new suite of smart identity verification solutions for auto dealers.

BuyerID, which includes BuyerID Alert, BuyerID Advanced and BuyerID Check, is designed to help auto dealers prevent identity fraud and vehicle theft, and the associated losses before they happen.

Considered the fastest growing crime by the FBI, franchise and privately-owned auto dealerships alike have become prime targets of identity thieves. As a result, dealers are motivated now more than ever to protect their dealerships from related fraud losses.

"In the past, dealers generally needed to demonstrate due diligence in cases of identity fraud and the banks would usually take the loss," said Kevin Clements, senior vice president of corporate development for First Advantage CREDCO. "But as losses continue to multiply, more lenders are expecting dealers to stop identity thieves before they take possession of a car. Those that don't may find themselves on the hook for both the loan and the missing car."

First Advantage CREDCO’s BuyerID offers a suite of smart identity verification solutions that help protect dealers from identity theft throughout the purchase process.

  • BuyerID Alert is the first step in First Advantage CREDCO’s identity verification process. Automatically delivered along with the buyer’s credit report, BuyerID Alert enables dealers to quickly confirm a customer’s identity by verifying his or her social security number, address and telephone number.

  • BuyerID Advanced accesses multiple sources to deliver the most thorough applicant verification data available. Each Web-based report automatically includes OFAC screening and a color-coded risk indicator, so dealers can quickly and easily evaluate the relative risk level for each individual before selling a car. Risk indicators are based on validating key consumer information such as name, address, date of birth, social security number and driver’s license.

  • BuyerID Check’s Web-based solution allows dealers to quickly and easily determine whether a customer has an active checking account with a positive balance – another valuable tool to protect dealers from fraud.

    "Identity theft is one of the single largest areas of concern facing dealers today. When it occurs, they not only lose the vehicle, but their reputation takes a hit at both the consumer and bank levels," said Christopher Morris, senior director of F&I Solutions at Reynolds and Reynolds. "As First Advantage CREDCO’s partner in delivering CreditMaster credit reports to our Reynolds dealers, we look forward to offering these solutions to help mitigate the growing risks our dealers face."

    BuyerID Alert, BuyerID Advanced and BuyerID Check are the first in a series of comprehensive identity verification solutions planned for introduction this year by First Advantage CREDCO.

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