With incidences of fraud and identity theft rising at alarming rates, it is vitally important for dealers and financial institutions to adapt and protect themselves against these crimes. DealerCenter has partnered with Experian to offer Precise ID with KIQ through DealerCenter. Precise ID is Experian’s next generation fraud management platform that integrates Experian’s breadth of data, products, advanced analytics and decisioning technology. Precise ID reports give you access to multiple data sources, allowing you to verify the identity of your potential customers at the time of purchase.
Precise ID allows you to:
- Maintain compliance with the Federal Red Flags Rule requirements
- Minimize losses by identifying potential fraud risk at the point of application
- Reference potential customers against databases:
- - Cross-industry credit application data
- - Fraud Shield consumer credit data
- - Automotive and property ownership data
Dealerships conducting indirect lending must have Identity Theft Prevention Programs in place by May 1, 2009. The lenders you deal with on a daily basis will also require you (as a “service provider”) to have a program in place.
Red Flag Tool Kit is a CD-ROM with guides, training manuals and forms which assist in the development and management of an identity Theft Prevention Program.