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.
For more
information about Red Flag Manager or First Advantage CREDCO’s comprehensive
Red Flag Solution, call 888.298.4456 or visit
www.CREDCOservices.com/RedFlagSolution.
