In contrast, eCredit Complete indicates exactly what elements of the customer’s identity require additional documents to validate. Darin Larsen, Credit Bureau Connection’s COO, says this tells F&I managers exactly what’s wrong and how to fix it. If F&I managers don’t follow up with the requested materials, the system will make note of that missed step.
The tool is aimed particularly at preventing synthetic-identity fraud. That’s where scammers assemble an online persona that includes pieces of a genuine consumer’s identity, such as a Social Security number, along with bogus information. The goal is to establish a credit history that looks healthy enough to secure an auto loan.
Due to the data provided by Experian, synthetic-identity fraud alerts are few and far between, Larsen said, with false positives being extremely rare.
“If a dealer is getting a tremendous amount of false positives on a high number of deals, it’s human nature to disregard that,” Larsen said. “The last thing we want to do is stop good business from happening.”
Experian, of Dublin, Ireland, is a multinational consumer credit reporting company with North American headquarters in Costa Mesa, Calif. Credit Bureau Connection, of Fresno, Calif., offers credit reporting and compliance solutions.