Firms Partner for Dealer Fraud Protection

By Staff Writer January 20, 2022

The company 700Credit LLC, a provider of credit reports and compliance solutions, along with eLEND Solutions, an automotive FinTech company, announced an alliance that integrates eLEND’s ID Drive, an advanced data capture and driver license authentication solution.

The integration is designed to help auto dealers protect their business and reputation from the serious and growing threat of identity and financial fraud and classify their showroom traffic by looking at their FICO score.

“The challenges of identity fraud have only grown,” said Ken Hill, managing director, 700Credit. “Our alliance with eLEND means that now our dealer customers, with the swipe of a driver’s license, can authenticate that license, pre-screen the customer, and perform a Red Flag ID Verification including Synthetic Fraud. The combination of document and data verification between 700Credit and eLEND’s products offers auto dealers powerful protection, while also enabling rapid digital data capture and export.”

The addition of ID Drive means that 700Credit dealer customers can rapidly confirm identity and pre-screen their showroom clients through the ID Drive scanner at the beginning of the sales process. This shields them against fraud while providing visibility into the customer’s buying power upfront so they can provide customers with an accurate payment quote at the top of the sales funnel.

“Because ID Drive prequalifies upfront, auto dealers can rapidly get the customer into the right deal structure, accelerating the transition to, and through, F&I, which can reduce costly rehashes,” said Pete MacInnis, CEO and founder of eLEND Solutions. “This creates important efficiencies for dealerships and provides a better customer experience.”

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Last modified on Friday, 21 January 2022 16:06