Monday, Jun. 05, 2006, 08:00 PM UPDATED 12:49 PMBy Nick Zulovich
POWAY, Calif. (June 6, 2006) -- With the FBI reporting that franchised and independent dealers are increasingly becoming targets of identity thieves, First Advantage CREDCO has introduced BuyerID, a new suite of smart identity verification solutions. According to officials, BuyerID includes BuyerID Alert, BuyerID Advanced and BuyerID Check. They say that this package will help dealers prevent identity fraud and vehicle theft, and related losses, throughout the purchase process. "In the past, dealers generally needed to demonstrate due diligence in cases of identity fraud, and the banks would usually take the loss," noted Kevin Clements, senior vice president of corporate development for First Advantage CREDCO. "But as losses continue to multiply, more lenders are expecting dealers to stop identity thieves before they take possession of a car. Those that don't may find themselves on the hook for both the loan and the missing car." Christopher Morris, senior director of F&I Solutions at Reynolds and Reynolds, stated that identity theft is one of the single largest areas of concern facing dealers today. "When it occurs, they not only lose the vehicle, but their reputation takes a hit at both the consumer and bank levels," he said. "As First Advantage CREDCO's partner in delivering CredMaster credit reports to our Reynolds dealers, we look forward to offering these solutions to help mitigate the growing risks our dealers face," Morris added. First Advantage CREDCO officials said that the BuyerID suite is the first in a series of comprehensive identity verifications solutions scheduled to be launched this year.