If you are a lender you can feel confident using SARS as one of your vendors. We take the necessary steps to ensure that our agency and employees meet the requirements of our industry.
The CFPB as well as other regulatory bodies have been cracking down on lenders, banks and credit unions, requiring that they know their repossession vendors. These days our clients have to know not only that they are dealing with a competent repossession agent, but that they are trained and qualified to avoid things like a breach of the peace, or a violation of the laws and regulations that govern our clients and their customers.
We maintain a regular training procedure, hold regular staff meetings and educational sessions to ensure that our entire agency is up to date with changes to the recovery industry and prepared to comply.
If you are a lender it is critical that you use an agency like SARS that trains and educates its staff on the following topics. Here are just a few of the items that available up on request.
- ID Theft Prevention Policy (Red Flag)
- The Gramm-Leach-Bliley Act Policy (GLBA)
- The Fair Debt Collection Practices Act Policy (FDCPA)
- Bankruptcy Compliance Policy
- Communications Policy
- Complaint Policy
- Agent Educational Policy and Ongoing Training.
- Data Protection and Security Policy
- Disaster Contingency Plan
- Disaster Recovery Documentation
RISC Compliance is critical in daily operations for the automotive finance industry and it is important that lenders meet the compliance expectations set by government regulators. RISC’s education, lot inspection and vetting services support lenders and ensure vigilance in their mission of compliance. Many of our clients utilize RISC to perform lot inspections, if you are already on board with RISC then you may have access to our current or prior inspections.
SARS features a Secure Gated Facility with:
Contact us schedule an appointment to visit our facility.