The verification sections in CBC’s eCredit Red Flags Summary process have been compiled from the U.S Government’s Red Flag Ruling implemented in 2007 to address identity theft and fraud. It requires dealerships to establish, maintain, and have on file a written identity theft program with a designated compliance officer.
When the decision is made to take additional steps to further verify the identity of an applicant, CBC provides a comprehensive yet simple ID theft worksheet with easy to understand verification questions. The CBC solution also incorporates “Out of Wallet” questions that appear directly below the ID verification section of the worksheet for another level of consumer identity verification. The third section of the verification worksheet allows you to document additional forms of physical identification provided as well as an option to verify the state of issuance of the social security number. Each of the three sections of the identity verification worksheet make up a comprehensive Red Flags ID Verification process that allows you to store and print the completed ID Verification Worksheet.
This and all compliance actions performed within the eCredit Complete application are recorded indefinitely in CBC’s eVault document storage repository and remain accessible to the dealer in the event of a federal agency audit.
Stand Alone ID Verification & Authentication
CBC also provides a stand-alone ID Verification and Authentication solution that is independent from the credit report process. Depending on the business requirements, it may be necessary to validate customers prior to proceeding to the credit application process or without ever pulling a credit report. CBC’s stand-alone identity fraud solution provides a cost effective, flexible tool to manage risk by authenticating valid customers, while segmenting out only the real fraudsters and noncompliant identities. CBC’s solution provides critical consumer identity authentication results and compliance-oriented checks that can be part of an “accept or verify” decisioning process.
- The verification process cross-checks key identity data elements such as:
Social Security Number
Driver’s License Number
The authentication process can incorporate credit based and non-credit based consumer authentication questions, as well as trick questions, “none of the above” questions, and other types of questions to further validate a customer’s identity. Whether you are looking for an integrated Red Flags/ID Verification solution coupled with your credit report process or a stand-alone ID Verification and Authentication solution, CBC can provide the solution to meet your needs.