Identity Verification

700Credit’s Identity Verification platform is an automated solution that provides a summary table of results appended to each credit report. Identity Verification provides a vital service by flagging information that on the surface may seem true, but in reality, is questionable. These warning messages focus on high-risk applicants, social security numbers, driver’s licenses and addresses.

Available with every potential Identity Verification 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 letting your customer leave the dealership.

Our Identity Verification platform contains the following data:

OFAC Terrorist Search

700Credit’s OFAC solution screens all of your customers against the OFAC list for every transaction. If a match occurs, 700Credit will assist your dealership employees with the necessary steps to remain compliant with the federal government’s regulations.

ID Match

This product can be used to verify the name and address of a person applying for financing at your dealership. It can compare with information the credit bureau has on file customer and adjust your credit inquiry.

Red Flag Alerts

Red Flag Alerts detect if suspicious or negative activity occurred on an individual’s credit report which could be a sign of fraud. Credit Bureau’s must follow the FTC’s Red Flags Rule to identify, manage and avoid these suspicions. This product covers all requirements and alerts your dealership of any red flags.

Synthetic Fraud

Our Synthetic Fraud Solution is built to combat synthetic fraud using a breadth of data and a suite of analytical fraud solutions. Using proprietary logic and unique combinations of available data, the high-risk fraud score looks at a customer’s credit behavior and credit relationships over time to uncover undetectable risks. Our model complies with the Fair Credit Reporting Act (FCRA) and returns a risk score with score factors to help determine if a new customer application is associated with a synthetic identity.

Military Lending Act (MLA) 

At the end of 2017, the Department of Defense released a new interpretation of the Military Lending Act (MLA).  Basically, if a dealership is selling GAP or other type of insurance products to their customers, they must ensure they are not selling these products to Military Personnel.  We run MLA checks on all buyers and display the results in the table.

ID Verification 

This step reminds the sales staff to ask for the customer’s ID during the transaction.

Out of Wallet Questions

Out of Wallet (OOW) questions designed to speed the verification process and keep your customers in your store.  When a Red Flag alert occurs, your dealership must validate the person’s identity. Currently you might ask an applicant for additional forms of identity and address verification information – which many times has them leaving the dealership to gather the information requested. If this happens, you risk them not coming back. OOW questions are available instantly, providing multiple choice questions that would be hard for an identity thief to answer. If the customer answers the majority of the questions correctly, their identity is verified and the alert is automatically resolved, allowing you to proceed with the transaction.  These questions are available for every applicant processed through our 700Dealer platform or through our affiliate partner’s platform.

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