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#286452 - 12/08/04 07:53 PM Fraud and Active Duty Alerts and the Indirect Auto
corkygirl Offline
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Joined: Sep 2004
Posts: 4,241
middle of the country
Assistance please. Our indirect auto department will run a credit bureau on each deal they look at from the auto dealer but never speak to the customer during the application process. For fraud and active duty alerts where the consumer asks to be contacted before the transaction is completed, it is sufficient that the dealer make that contact? We have put the dealers on notice that they are responsible for any and all compliance issues and review them on an ongoing basis.
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#286453 - 12/08/04 08:25 PM Re: Fraud and Active Duty Alerts and the Indirect Auto
Luser Offline
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Luser
Joined: Nov 2002
Posts: 71
Ohio,WV,KY
We sent out a letter to all our dealers advising them of the changes, also sent out a modified version of the fraud alert form we are having our lenders complete. We told them in the case of an alert they had to fill this out and forward/bring with their paperwork when they requested funding on their deal. So far not much screaming.

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#286454 - 12/08/04 09:38 PM Re: Fraud and Active Duty Alerts and the Indirect Auto
Luper Offline
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Joined: Mar 2003
Posts: 105
We are taking the opposite approach. We pull credit reports and underwrite applications received from dealers. If the credit report contains a fraud or active duty alert, the bank will use internal procedures to verify the identity of the borrower before proceeding.
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#286455 - 12/08/04 11:00 PM Re: Fraud and Active Duty Alerts and the Indirect Auto
corkygirl Offline
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Joined: Sep 2004
Posts: 4,241
middle of the country
What internal procedures would you use? For obvious reasons we really don't want to contact the customer during the application process but how are you handling the issue of the consumer requesting a phone call, etc?
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#286456 - 12/08/04 11:02 PM Re: Fraud and Active Duty Alerts and the Indirect Auto
corkygirl Offline
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Joined: Sep 2004
Posts: 4,241
middle of the country
Would you be willing to share the fraud alert form you are using?
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#286457 - 12/08/04 11:26 PM Re: Fraud and Active Duty Alerts and the Indirect Auto
JJohns Offline
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JJohns
Joined: Jun 2003
Posts: 682
IL
Quote:

We are taking the opposite approach. We pull credit reports and underwrite applications received from dealers. If the credit report contains a fraud or active duty alert, the bank will use internal procedures to verify the identity of the borrower before proceeding.




We're also doing our own investigations for indirect paper. Since we're running the credit report, we have the liability for failure to comply regardless of what the dealer did or didn't do.
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