Finance Insurance

Credit washing, synthetic identity fraud among top concerns for auto lenders

Auto lending fraud risk has risen at least 38 percent in the last seven years, according to an analysis of more than 70 million historical auto loan applications. (DAVID PHILLIPS)
June 19, 2019 03:50 PM

Major auto lenders late last year reported an overwhelming influx of complaints from customers reporting identity theft. The claims, however, were fraudulent and part of a widespread scheme to prompt auto lenders to remove legitimate trade lines from those customers' credit reports-- a practice known as credit washing or credit repair fraud.

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