First American CREDCO Announces Free Fraud Alerts on Credit Reports to Automotive Dealers
- Company Declares April as 'Auto Fraud Awareness Month' -
POWAY, Calif., April 19 -- First American CREDCO, the leading provider of specialty credit reports to the automotive, mortgage and consumer finance industries and a member of The First American Corporation family of companies, launched plans to protect their new and existing automotive customers by giving free fraud alerts with every credit report during the month of April.
In the wake of recent headlines involving the identity theft of hundreds of thousands of individuals across the nation, both business owners and consumers are left to wonder how safe they really are. According to the U.S. Department of Justice, identity theft is one of the country's fastest growing crimes. Recent studies estimate that 9.3 million Americans, or one in every 23 adults, were victims of identity fraud in 2004. First American CREDCO's "Fraud Awareness Month" is part of a concentrated effort to help increase dealer knowledge on the issue, while combating fraud and identity theft in the automotive industry.
"Car dealers are prime targets for fraud and identity thieves," said Patrick Colbert, senior vice president of First American CREDCO's Automotive and Specialty Credit Markets division. "In 2004, it was estimated that identity thieves illegally purchased cars at a rate of more than one every two hours. Despite this imminent threat, most of our automotive customers are not using the fraud prevention tools available to them. This campaign will not only provide these tools, it will also enable dealers to proactively announce the steps they are taking to fight fraud on behalf of their customers."
As part of First American CREDCO's Fraud Awareness month, between April 1 and April 30, 2005, all automotive customer accounts are receiving free fraud alerts with every credit report they order. At the end of April, the free fraud protection will be deactivated unless the customer specifies otherwise.
"We applaud First American CREDCO for taking steps to protect automotive retailers from becoming victims of these crimes," said Chris Morris, director of F&I Services at Reynolds and Reynolds. "First American CREDCO's campaign will help mitigate the growing risk associated with selling a car in today's market, while enabling our dealers to more effectively fight fraud on a daily basis."
Through First American CREDCO, Reynolds and Reynolds offers the CreditMaster credit reporting service to its dealer customers.
Reynolds and Reynolds is the leading provider of integrated solutions that help automotive retailers manage change and improve their profitability. Serving the automotive retailing industry since 1927, Reynolds enables OEMs and retailers to work together to build the lifetime value of their customers. The company's award-winning product, service and training solutions include a full range of retail and enterprise management systems, Web and Customer Relationship Management solutions, learning and consulting services, documents, data management and integration, networking and support and leasing services. Reynolds serves more than 20,000 customers. They comprise nearly 90 percent of the automotive retailers and virtually all OEMs doing business in North America. Reynolds serves automotive retailers and OEMs worldwide through its incadea solution and partner network, as well as through its global consulting practice. More information about the company and an archive of its news releases can be found at www.reyrey.com.
First American CREDCO, a member of the First American Family of Companies, processes millions of credit transactions annually and is the industry's technology and service leader. The company is the leading provider of specialty credit reports to the mortgage, consumer finance and automotive industries. First American CREDCO proudly serves a broad range of lending and retail markets with a variety of business information products and services. More information about the company can be found at www.credco.com.
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation's largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people's lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.72 billion in 2004, First American has 31,000 employees in approximately 2,000 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
