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Letter to the Editor

Toyota Joins Experian's National Fraud Database

ORANGE, Calif. -- Experian, a global information solutions provider, has announced that Toyota Financial Services has formally joined its National Fraud Database, the first national repository of verified fraudulent credit activity. The National Fraud Database contains known fraud-related data that encompasses a variety of industries such as financial services, insurance, telecommunications and retailing.

"We are very pleased that a company of Toyota's stature has recognized the importance of fraud protection for themselves and their customers," said Lyn Porter, vice president of Experian's decision solutions marketing group. "Financial fraud has become rampant in the United States where half of the world's economic crime takes place, representing staggering application fraud losses of more than $35 billion annually. Last year, it is estimated that there were more than 500,000 cases of identity fraud alone."

National Fraud Database members submit their data to Experian, having conformed to stringent reporting guidelines, where it is loaded on-line into the database. Members are then able to access the repository during the credit approval process and compare applicant data to fraud data to assess the viability of a prospective account and reduce the likelihood of fraud.

Access to the database is open to all lenders, regardless of the source of their credit report information. Members pay an annual fee for participation and a per inquiry cost. The National Fraud Database conforms to all requirements of the federal Fair Credit Reporting Act.

"Given the devastating consequences of identity theft and the rising financial burden created by increasing fraud in the United States, I can think of nothing more important for consumers and companies than having a quality repository of fraudulent activities," said Fred Knapik, behavioral scoring manager for Toyota Financial Services. "We are pleased to be a part of this groundbreaking venture."

"The National Fraud Database will help businesses ensure they are not dealing with perpetrators of fraud and make it easier to protect identity theft victims during the application process," said Porter. "We believe consumers will be the ultimate beneficiaries of this multi-industry initiative."

Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK and Orange, California. Its 12,000 people support clients in more than 50 countries. Annual sales are about $1.5 billion.

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