by 15 Jul 2008
?Offers Red Flag Compliance & Solution Guide Free? First American CREDCO, the leading provider of specialty credit reports to the mortgage and consumer finance industries and part of First Advantage Corporation (NASDAQ: FADV), today introduced its all-new Red Flag Solution ? a combination of consumer information solutions to help U.S. lenders and brokers comply with the Red Flags Rule, which went into effect January 1, 2008. As part of a special promotion to educate mortgage professionals and ease the compliance burden, the company is also offering a free copy of First American CREDCO?s Red Flag Compliance & Solution Guide, while supplies last. First American CREDCO?s Red Flag Solution combines several powerful information tools to help satisfy certain obligations under the new Red Flags Rule. Key components of the Red Flag Solution include: Fraud Analysis: Provides a window into the quality of loan application data coming in through one or more origination channels. Identity Verification: Helps lenders quickly confirm a borrower?s identity with an easy-to-interpret text-based verification. Credit Reporting Services: Offers a convenient prequalification credit tool that provides Fair and Accurate Credit Transactions (FACT) Act fraud alerts. As a requirement of the new Red Flags Rule, lenders and brokers have until November 1 of this year to establish and maintain an identify theft prevention program. The free compliance guide is a valuable resource for helping mortgage professionals understand what the Red Flags Rule means and, more important, what they need to do to establish and maintain compliance. Featuring key highlights from the complete rule, as well as related products to help satisfy certain requirements, the free guide can help lenders and brokers set up their own Red Flags compliance program. ?Lenders and brokers can face steep penalties for non-compliance,? said Mark F. Catone, senior vice president of First American CREDCO. ?The free compliance guide in combination with our Red Flag Solution can help them understand the procedural obligations under the Red Flags Rule, including setting up an identity theft prevention program, as well as satisfy many of the rule?s requirements.? First American CREDCO has also developed a dedicated Web-based Red Flag Resource Center to provide ongoing education and awareness, and relevant product solutions. Available 24/7 at, the online Resource Center provides useful links to detailed information about the Red Flags Ruling, a calendar for Free Webinar training programs and other valuable resources. For more information on First American CREDCO?s Red Flag Solution and the free Red Flag Compliance & Solution Guide, call 800.255.0792 or visit About First American CREDCO First American CREDCO, a division of First Advantage CREDCO, LLC, a wholly owned subsidiary of First Advantage Corporation, processes millions of credit transactions annually and is the industry?s technology and service leader. First American CREDCO is the leading provider of merged credit reports to the mortgage and consumer finance industries. The division proudly serves a broad range of lending and retail markets with a variety of business information products and services. More information about First American CREDCO can be found at About First Advantage Corporation First Advantage Corporation (NASDAQ: FADV) combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the mortgage, automotive, payday lending and specialty finance industries; business credit information in the transportation industry; lead generation services; motor vehicle record reports; supply chain security consulting; employment background verifications; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; corporate and litigation investigations; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software and renters insurance. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in Poway, California, and has more than 4,800 employees in offices throughout the United States and abroad. More information about First Advantage can be found at First Advantage is a majority-owned subsidiary of The First American Corporation (NYSE: FAF), a FORTUNE 500


Should CFPB have more supervision over credit agencies?