700Credit, one of the nation’s largest providers of credit reporting, identity verification, and fraud-detection services for the automotive industry, recently experienced a cyberattack.
Although the investigation is still underway, the company reports that it has found no evidence of identity theft, fraud, or any misuse of information related to the incident.
700Credit has notified both the Federal Bureau of Investigation and the Federal Trade Commission (FTC). The FTC has confirmed that 700Credit’s filing on behalf of all dealers with whom it works satisfies dealer notification requirements under the Safeguards Rule. The company is also communicating with state attorneys general on dealers’ behalf. Impacted consumers will be notified and provided with credit-monitoring services.
700Credit has set up a dedicated support line at (866) 273-0345 for additional questions. Independent dealers who use 700Credit are encouraged to verify their individual status directly with the company.
NIADA recommends that all independent dealers consult a compliance or legal professional regarding any dealership-specific concerns related to this breach.
