700Credit’s Red Flag ID solution is customizable for your dealership’s specific needs and provides a total solution to satisfy all Red Flag requirements. This is an automated solution that shows results directly with the credit report. Available with every potential Red Flag alert, 700Credit provides a list of multiple choice “out of wallet” questions that an identity thief would have a hard time answering, allowing you to validate identity without consumer leaving the dealership.
A Red Flag is a pattern, practice or specific activity that indicates the possible existence of an attempted identity theft. Red Flag fraud alerts provide a vital service by issuing warnings about information that appears to be genuine on the surface, but in reality, may be questionable. These warning messages focus on high-risk applicants, social security numbers, driver’s licenses and addresses. Currently, there are more than 31 patterns for Red Flag alerts.
A dealership’s ITPP must accomplish the following objectives: specify red flags, detect red flags, respond to red flags, and ensure continual monitoring and updates to the program. 700Credit’s RedFlag ID solution is customizable for your dealership’s needs and provides a total solution to satisfy all Red Flag requirements.
Protect your dealership with RedFlag ID: Helps you quickly confirm your customer’s identity – and evaluate potential fraud risk – with an easy-to-interpret, two-digit numeric score which indicates the likelihood of identity risk. Automatically delivered with every customer’s credit report, RedFlag ID helps you prevent identity theft and maintain compliance with the Red Flag Rules.
Red Flag Alert “Out of Wallet” Authentication: Available with every potential Red Flag alert, 700Credit provides a list of multiple choice “out of wallet” questions that an identity thief would have a hard time answering. We then evaluate how the applicant answers these questions to determine their authenticity.
Red Flag Summary Report: 700Credit offers unique, real-time audit reporting to track the performance of your dealership’s RedFlag program. The Summary Report records all potential alerts and your response to help keep you in compliance with the audit provision of the Red Flag law.