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First Advantage CREDCO's Red Flags Webinar Attracts Nearly 1,000 Attendees

October 15, 2008

First Advantage CREDCO, the leading provider of automotive specialty credit reporting and identity verification services, reported that its recent compliance webinar,"You and The Red Flags Rule: The Definitive 4-1-1 for Automotive Dealers," attracted over 920 registered participants and nearly 1,000 total attendees as dealers nationwide prepare for the Nov. 1 compliance deadline.

Held Oct. 9, the webinar is part of the company's ongoing dealer compliance awareness campaign that commenced in early 2006 following the Federal Trade Commission's announcement regarding the then-proposed Red Flags ruling.

Hosted by First Advantage CREDCO, the webinar featured a discussion of the Red Flags Rule's requirements by Hudson Cook LLP, compliance process advice from Compli and guidance on identity verification data from First Advantage CREDCO. The online session generated a volume of questions, indicating that many automotive dealers have not yet formalized an identity theft prevention program although required to do so by Nov. 1.

"Our commitment as a leading provider of information solutions includes offering consistent and meaningful regulatory compliance information in a timely manner," said Eric Rumsey, president of First Advantage CREDCO. "As most dealers have learned from our compliance awareness campaign, the Red Flags Rule has many facets. The last thing they need is to deal with the consequences of noncompliance, which can result in heavy fines and potential fraud-related losses."

"The webinar provided a timely and ideal opportunity to help dealers understand the fundamental requirements of the Red Flags Rule," said Michael Benoit, partner with Hudson Cook, LLP. "We addressed key highlights from our comprehensive compliance guide so that dealers could have a consistent point of reference as they design their own identity theft prevention programs."

"We're hoping that attendees are more at ease about the new requirements now that they have seen that there are turn-key solutions to help them achieve their compliance obligations," said Robert Miller, cofounder of Compli. "Dealers now know they have access to convenient software tools to help them stay on track with their compliance processes."

The company's dealer awareness campaign kicked off nearly three years ago when First Advantage CREDCO introduced BuyerID, a suite of identity verification products, making the company first in the industry to respond to, and address, the new legislation.

In 2007, the company launched a summer-long campaign offering BuyerID free to automotive dealers nationwide. Earlier this year, First Advantage CREDCO introduced its Red Flag Solution which provides identity verification, Office of Foreign Assets Control (OFAC) screening and credit reporting services. Currently, customers receive a free copy of Michael Benoit’s book A Dealer's Guide to the Red Flags Rule, when they sign up for the complete Red Flag Solution.

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