Out of Wallet Authentication is a critical device that dealerships can use to guarantee that their credit clients are, who they claim to be. Through database aggregation, 700Credit gives an extra layer of security for credit clients.
Out of Wallet (OOW) questions are available for every applicant processed through the 700Dealer platform or through our Affiliate partner’s platform. When a Red Flag alert occurs, your dealership must validate the person’s identity. This can be done by asking the 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 consumer answers the majority of the questions correctly, their identity is verified and the alert is automatically resolved, allowing you to proceed with the transaction.