POWAY, Calif. — As dealers continue to prepare for the upcoming Red Flags Rule compliance deadline, First Advantage CREDCO announced that its recent online compliance seminar drew more than 920 registered participants and 1,000 total attendees.

"You and The Red Flags Rule: The Definitive 4-1-1 for Automotive Dealers," which was held Oct. 9, included a presentation from Hudson Cook on the rule's requirements, compliance process advice from Compli and identity verification data guidance from First Advantage CREDCO.

As most know, the Red Flags compliance deadline is Nov. 1.

Officials suggested that many dealers are still in the process of implementing and formalizing their identity theft prevention program, as the session generated a large amount of questions.

"Our commitment as a leading provider of information solutions includes offering consistent and meaningful regulatory compliance information in a timely manner," stated Eric Rumsey, president of First Advantage CREDCO.

"As most dealers have learned from our compliance awareness campaign, the Red Flags Rule has many facets," he continued. "The last thing they need is to deal with the consequences of noncompliance, which can result in heavy fines and potential fraud-related losses."

Commenting on his company's role in the seminar, Michael Benoit, partner with Hudson Cook, added: "The Webinar provided a timely and ideal opportunity to help dealers understand the fundamental requirements of the Red Flags Rule.

"We addressed key highlights from our comprehensive compliance guide so that dealers could have a consistent point of reference as they design their own identity theft prevention programs," he went on.

Robert Miller, co-founder of Compli, said he hopes that participants can feel more comfortable with the guidelines after learning about compliance solutions during the seminar.

"We're hoping that attendees are more at ease about the new requirements now that they have seen that there are turn-key solutions to help them achieve their compliance obligations," Miller explained. "Dealers now know they have access to convenient software tools to help them stay on track with their compliance processes."

First Advantage CREDCO launched its Red Flag Solution earlier this year, providing identity verification, Office of Foreign Assets Control screening and credit reporting services.

Customers who sign up fro the Red Flag Solution can obtain a free copy of A Dealer's Guide to the Red Flags Rule, which was written by Benoit.

Dealers interested in viewing the seminar again or for the first time can access it at www.credcoservices.com/webinar.