Welcome to another edition of Inside Automotive. Today, anchor Jim Fitzpatrick is joined by Ken Hill, Managing Director of 700Credit, and Pete MacInnis CEO of eLEND Solutions. The group discusses the recent partnership between 700Credit and eLEND Solutions which helps auto dealerships prevent identity theft and consumer fraud.
Roughly 18 months ago, 700Credit was holding a webinar with synthetic consumer fraud experts from each credit bureau. They highlighted how important it is for car dealers to start verifying driver’s licenses, as the first line of defense against identity theft. From there, 700Credit and eLEND Solutions partnered up to expand eLEND’s existing ID Drive product and integrate it with 700Credit’s instant pre-screen solution.
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ID Drive is a driver’s license authentication product, backed by forensic documentation, that simply scans a license and can verify its legitimacy. ID Drive has over 20 security features that include things like instant prequalifications and instant customer pre-screens, as well as consumer fraud prevention. ID Drive is fully integrated with dealer CRMs and 700Credit’s application processing and reporting.
700Credit’s integration with Drive ID can also instantly show car dealers the buying power of a specific customer. It eliminates redundancy in credit applications by auto-populating information from scanning the driver’s license. Essentially, ID Drive brings all credit data together for managers to analyze instantaneously.
However, synthetic identity fraud has gotten so good that car dealers often fall victim to it still. The partnership between eLEND Solutions and 700Credit aims to stop consumer fraud in its tracks and help car dealers build a front-line defense against it, while gaining credit insights at the top of the sales funnel.
You can learn more about ID Drive and the 700Credit integrated products by visiting their website here.
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