Red Rock Service is proud to announce that it now has TRAC Certification, meaning that we can now provide international level service with little of the overhead needed by the big international companies.
Why is TRAC needed?
Until now, there has been no global identification system. Companies operating internationally struggle with expensive, cumbersome solutions for basic screening of suppliers overseas. They have been forced to deal with the huge variation in ID numbers —an EIN in the United States, a five digit number in Egypt, or a 13-digit Japanese Corporate registration number. Companies also struggle to screen each third party against the various government denied parties lists and manage the hundreds of false hits that arise. TRAC harmonizes these systems, and verifies key information to create a robust compliance solution.
How does it promote efficiency and transparency?
TRAC enhances compliance by enabling companies to quickly and reliably verify their third parties’ ownership, address, length of time in business and other compliance details in one place through the web portal. Relying on TRACE’s traditional shared-cost compliance model, the entity seeking a TRAC number pay a modest fee and make their information available on the TRAC site at no charge to whomever that TRAC holder designates, saving both parties the cost and delay of duplicated efforts. This promotes transparency by providing a platform for companies to better control their identifying information and more efficiently and securely disseminate that information to their business partners.
How much does it cost to look up a TRAC?
It is free. It is free to look up a TRAC Number and it is free to look at the TRAC profile information associated with the TRAC. Though the TRAC holder must grant permission to access their full TRAC profile and documents, the access is free of charge.
For more information, please check out the TRAC FAQ here.