POWAY, Calif. — First Advantage CREDCO, a provider of automotive, boat and marine identity theft and specialty credit reporting solutions, unveiled an all-new component to its Red Flag Solution, called Red Flag Manager.
Powered by Compli, a provider of on-demand compliance management software, Red Flag Manager was developed in consultation with Michael Benoit of Hudson Cook LLP, a nationwide provider of legal compliance services to the automotive industry. Red Flag Manager provides an automated means for helping U.S automotive dealers draft, rollout, train, monitor and report on their identity theft prevention program, a regulatory requirement of the Red Flags Rule.
Earlier this year, First Advantage CREDCO announced a strategic alliance with Compli to deliver a more complete Red Flag compliance solution. The introduction of Red Flag Manager adds an automated process component designed exclusively for automotive dealers with 30 or fewer employees to help them set up or finalize their unique Red Flags Program.
“Many dealers may underestimate the timing and effort involved in creating, implementing and maintaining an identity theft prevention program as required by the Red Flags Rule,” said Kevin Clements, senior vice president of corporate development for First Advantage CREDCO. “Our complete Red Flags Solution, which now includes Red Flag Manager, helps dealers get up to speed quickly, easily and conveniently, so they can stay on track with their compliance obligations.”
“We’re pleased to expand our alliance with First Advantage CREDCO to offer Red Flag Manager as part of a simplified compliance solution for dealers with 30 or fewer employees,” said Lon Leneve, president of Compli. “The combination of industry-leading consumer data and compliance management expertise delivers a truly dynamic and convenient solution for easing dealer compliance concerns.”
With the introduction of Red Flag Manager, First Advantage CREDCO’s Red Flag Solution now includes a simplified process-building component that walks dealers through the required steps to develop an identity theft prevention program, educate employees and track results. Red Flag Manager provides dealer performance guidance on the following legislatively mandated activities:
· Designate a compliance officer/coordinator
· Perform a risk assessment
· Draft and communicate policy and procedures
· Conduct employee training
· Undertake periodic audits
· Obtain board approval and complete annual report
“While assisting with the development of Red Flag Manager, we focused on building a resource that would walk dealers through the steps,” said Michael Benoit, a partner at Hudson Cook LLP. “Dealers still need to be thoughtful in their compliance efforts, but this solution takes much of the stress out of designing and documenting their unique identity theft prevention program.”
In addition to Red Flag Manager, First Advantage CREDCO’s comprehensive Red Flag Solution includes credit reporting services, Office of Foreign Assets Control (OFAC) screening and BuyerID Index, which delivers a three-digit numeric score that calculates potential fraud risk. It also includes free, value-added reporting solutions that summarize critical consumer credit and compliance data, as well as potential fraud activity.
information about Red Flag Manager or First Advantage CREDCO’s comprehensive
Red Flag Solution, call 888.298.4456 or visit