FARMINGTON HILLS, Mich. -

Fresh off finalizing two more integrations with outside firms that will be leveraging its providing of credit reports, compliance solutions and soft-pull products and services, 700Credit is set to host an online event focused on a costly topic: synthetic identity fraud.

Featuring experts from Equifax, Experian and TransUnion, 700Credit is hosting this event on June 15 and June 17 for dealerships and finance companies because the firm said synthetic identity fraud was reported to cost businesses $1.3 billion in 2020 and is projected to grow to $1.8 billion in 2021.

Topics on the session agenda include:

— Define a synthetic identity and how it is created

— Quantify how the problem is today in automotive retail

— Discuss trends in synthetic incident rates and the effect of COVID on this type of fraud

— Perform a crime scene analysis: what does a synthetic fraud attack look like and how to recognize and detect it

— Review models that are addressing synthetic ID Fraud and how to put them to work for your store today

— Discuss frequent misconceptions on whose responsibility it is to detect and prevent Synthetic ID Fraud

— Introduce future predictions and what the future holds for the industry

The experts who are scheduled to discuss these topics and more include:

— Lloyd Laudorn, senior solutions engineer at Experian

— Mike Urban, vice president of trusted identity services consulting at Equifax

— Chad Gluff, director of identity and fraud solutions at TransUnion

“Our goal with this free webinar is to inform, educate and equip our automotive, power sports, RV and marine dealer communities with information about this alarming and costly fraud that is now occurring in our industry, and discuss tools and techniques to keep their dealerships — and their customers — safe,” said 700Credit managing director Ken Hill, who will be the event orchestrator.

“This is a global issue where no one is immune, which is why we asked our partner experts from Equifax, Experian and TransUnion to bring this important message to the market. The credit bureaus have each been working diligently to study the issues and bring solutions to market that help dealers detect and protect their business and customers to minimize loss,” Hill went on to say.

Registration for the sessions can be completed on this website.

2 new integrations

In other company developments mentioned in separate news releases, 700Credit also recently finalized a pair of integrations; one with 321 Ignition and another with Astute RM

Dealers who use the 321 Ignition platform to build and manage their websites now can easily enable 700Credit soft pull technology to gain visibility into their customer’s FICO Score, full credit profile and receive accurate payments for vehicles of interest.

“321 Ignition is proud to integrate with 700Credit to allow car dealerships to seamlessly receive credit applications and sensitive personal information with industry-leading encryption,” said Lyamen Savy, chief executive officer and co-founder of 321 Ignition. “This integration allows car dealers using 700Credit, Dealertrack, RouteOne, or CUDL to offer free credit score lookup services and easy online car loan financing applications in a mobile-first manner to generate additional leads using credit hard pulls and soft pulls.

“Our mobile-first credit application process has an average of 55% completion rate with features that make it easy for users to complete the application including a responsive keypad for easy text/number inputs, Google Maps integration for predictive address entry, and adaptive information boxes that appear or disappear based on previous responses,” Savy continued.

And 700Credit’s product alliance with Astute RM, a cloud-based CRM and communication platform, can enable dealers and consumers to communicate and collaborate seamlessly across desktop and mobile devices. This friction-free platform is designed to simplify the sales process and provide a smooth workflow so dealers can complete sales quicker.

“Our integration with 700Credit makes desking customer deals a quick and easy process. Customers expect efficiency and the seamless integration with 700Credit in Astute RM achieves that goal,” said Brendan Hurley, managing partner of Astute RM.

“Our 20-year relationship with 700Credit gave both development teams a unique ability to create an industry leading integration,” Hurley continued. Using the 700Credit QuickScreen solution saves precious time by giving great insights into the customer’s credit profile right inside Astute RM as you craft the perfect deal.”

Hill described the value 700Credit is bringing to clients through each of these integrations.

“The addition of soft pull credit reports to 321 Ignition’s lead generation tools benefits both the consumer and the dealer. Consumers can shop for vehicles and receive accurate payment quotes without impacting their credit score” Hill said. “An accurate Payment quote removes the friction when transitioning to closing the deal. Dealers also benefit by receiving insight into the consumers credit position at the top of the sales funnel allowing the Dealer to set consumers expectation right from the start.”

Hill then added, “We are pleased to welcome Astute RM to the 700Credit family. Their innovative CRM and communication platform enables dealers to prescreen their customers and access their credit report information easily.

“The integration of our prescreen solution will give dealers a unique insight into their customer’s credit profile and estimated monthly payments on prospective vehicles before posting a hard inquiry,” he went on to say. “With the consumer’s FICO score and equity on trade-in, dealers can work the right deal, right away, putting the consumer in a vehicle they want with payments they can afford.”