F&I Showroom News Article – Regulators Appear to Endorse Alternative Credit Scoring
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Credit Bureau Connection’s (CBC) new fraud prevention product allows our dealership to better identify synthetic identity theft, which seems to be occurring at a higher rate than ever before. Using this new tool, one of our Galpin Motors Sales Managers was able to quickly stop the deal in its tracks and notify the compliance department of the alert. After investigating the incident and referring it to the police, it turned out that the individual was using the identity of a person who happened to share the same name. While we were able to prevent the thief from obtaining a brand new luxury vehicle, he had already obtained other luxury vehicles from local dealerships (whom I suspect were not using CBC). Fortunately, the information we provided to the police eventually led to the arrest of two individuals involved in scamming the other dealers. I would like to thank CBC for being on the cutting edge of fraud prevention and Red Flag compliance, which is why we chose CBC in the first place.
Compliance Director, Legal Affairs Dept.
Galpin Motors, Inc.
Since beginning our relationship with Credit Bureau Connection in January of 2012, Advent Resources Inc. has seen a dramatic improvement in the three areas of most concern to Advent Resources Inc. and their clients/users:
1) Speed – CBC provides an instant report (yes instant!) that is viewable to screen-only. The CBC reports do not have to be printed! All pertinent information is instantly available to managers such as risk, OFAC, and credit score – all without leaving your deal screen.
2) Reliability – During our first 14 months with CBC, Advent Resources and their clients experienced a total of 13 minutes of downtime during one event. This is unprecedented! Can you say that about your present bureau provider? We couldn’t either.
3) Value – OFAC’s printed at no charge, all bureaus and reports are archived by CBC indefinitely and can be provided to the client at no charge. Running credit reports… either single or multiple costs significantly less through CBC than their competitors. Finally, CBC’s Compliance Suite is absolutely Best-In-Class and provides the most comprehensive worry-free solution we’ve ever seen.
Credit Bureau Connection has exceeded our expectations in every category, delivered exceptional value, and provides a highly stable reporting platform with near-zero downtime.
We call that a win!
Tim Gill / CEO Advent Resources Inc.
We’ve used CBC for over 2 years now, and despite most companies putting on a dog and pony show to get the contract, CBC has always been quick to respond, set at
Christopher F. Ofcky
Director, Internet Operations BMW of Schererville