New Red Flag Manager Helps Auto Dealers Meet Mandatory Compliance
First Advantage CREDCO, the leading provider of automotive identity theft and specialty credit reporting solutions, today announced the introduction of Red Flag Manager, an all-new compliance process component to their Red Flag Solution. Powered by Compli, a leading 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.”
Red Flag Manager
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.
The introduction of Red Flag Manager is the first of several product solutions expected to result from the partnership between First Advantage CREDCO and Compli announced earlier this year. The partnership is expected to expand to include the integration of additional value-added data and technology to simplify the overall compliance process.
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
About Hudson Cook, LLP
Hudson Cook, LLP was established in 1997 with a single purpose in mind — to provide the best possible service to automotive, housing and financial services industries in the ever changing world of consumer financial services law compliance. Their wide-ranging services cover virtually all aspects of state and federal consumer financial services law. At some law firms, the consumer financial services practice is at best an adjunct to the litigation or general business or banking law practice. At Hudson Cook, consumer financial services law is what they do best. For more information contact Michael Benoit, partner, at email@example.com, 202.327.9705 or visit www.hudco.com
Compli is headquartered in Portland, Ore., with regional offices covering Midwest, Northeast, Southeast, Southern and Western territories. With over 900 dealerships in 45 states and serving nearly 46,000 dealership employees, Compli is the leading provider of on-demand compliance management software for the U.S. automotive retail industry. The Compli Dealership Compliance Management System (DCMS) allows dealers to control, track and automate regulatory compliance operations within and across dealerships. Compli's DCMS provides an organized method for efficiently implementing policies, educating employees, tracking results and demonstrating compliance in moments of litigation. For more information, visit www.compli.com or call 503.294.2020, ext 116.
About First Advantage CREDCO
First Advantage CREDCO, a wholly-owned subsidiary of First Advantage Corporation and part of its Credit Services segment, processes tens of millions of consumer transactions annually and is the leading provider of specialty credit reports and services to the automotive industry. Additionally, First Advantage CREDCO provides the automotive industry with comprehensive identity verification and consumer lead solutions. More information about the company is available at www.CREDCOservices.com