Debt Buyers
VP Compliance Services’ Compliance Certified Vender program is an extensive review and audit of a debt buyers’ policies, procedures, training, background and more. A Compliance Certified Debt Buyer is a debt buyer a lender can trust when looking to sell their charged off accounts.
VPCS will display all Certified Debt Buyers audit and review results from the certification seal provided to certified Debt Buyer. Interested parties may reach the Debt Buyer’s certification page by clicking the VPCS Certified Vendor logo on the Debt Buyer’s website.
A certified Debt Buyer will receive our certification logo, a link to a custom web page describing the audit the Debt Buyer passed, an introduction to the online lending community as a certified debt buyer, and a joint press release announcing Debt Buyer as certified. This program is unique in that it markets Compliance Certified Debt Buyers without being a debt broker and charging debt broker fees.
VPCS’ Vendor Certification program is not recommended to replace a lender’s own Debt Buyer review program. It may be used to help select Debt Buyers a lender will select for debt sales consideration.
For more information on VPCS’ Vendor Certification program please contact William “Rick” Wittwer at wrw@vpcs.biz.
| VPCS Vendor/Debt Buyer Certifications | Description |
| Online Lenders Accreditation | Detailed examination of lenders policies and procedures |
| Debt Buyer's Association Accreditation | Detailed review of debt buyer's policies and servicing practices |
| Liens, Actions, Fines, Investigations, BK, and more | Description |
| Company Background Check | Complete background check of company and associated companies |
| Required Licenses | Description |
| Corporate Registration | Review of state and federal corporate registrations |
| State Registrations & Bonds | Review of state registrations and bonds |
| Debt Buyer License Review | All required licenses verified and current |
| Agreement Review - Debt Buyers | Description |
| All Critical Vendors | Examined for required elements of agreements (SLAs, restrictions, ...) |
| Purchase Agreements | Examined for provisions, restrictions, and more |
| Resale Agreements | Examined for compliance with purchase agreement provisions, resale restrictions, and more |
| Policies and Procedure Review | Description |
| Payment Processing | Examine policy, procedures, and controls |
| BSA / AML | Examine policy, procedures, and controls |
| EFTA / REG E | Examine policy, procedures, and controls |
| FCRA / FACTA | If debt buyer reports; examine policy, procedures, and controls |
| Identity Authentication | Examine policy, procedures, and controls |
| GLBA | Examine policy, procedures, and controls |
| Privacy | Examine policy, procedures, and controls |
| Record Retention | Examine policy, procedures, and controls |
| SCRA / MLA | Examine policy, procedures, and controls |
| UDAAP | Examine policy, procedures, and controls |
| FDCPA | Examine policy, procedures, and controls |
| Vendor Management | Examine policy, procedures, controls, and audit program |
| TCPA | Examine policy, procedures, and controls |
| Information Security | Description |
| PCI Scan | Performed on all IP addresses |
| Written Security Program Policy | Examine policy, procedures, and controls |
| Information Encryption used when transferring data | Examine policy, procedures, and controls |
| Network Monitoring | Review whether function is outsourced. If not, what technology is utilized. |
| Firewalls installed | Reviewed firewall technology and vendor (if outsourced) |
| Default passwords and Security Parameters updated | Examine policy, procedures, and controls |
| Protection against system attacks | Examine policy, procedures, and controls |
| Restricted access to Sensitive Information | Examine policy, procedures, and controls |
| Audits | Review audit schedule and results |
| Physical Security | Examine policy, procedures, and controls |
| Clean Desk Policy | Examine policy, procedures, and controls |
| Facility Access Monitoring | Examine policy, procedures, and controls and if Policy (review audit and logs) |
| Training | Description |
| FDCPA | Review of adequacy and frequency of training |
| TCPA | Review of adequacy and frequency of training |
| Vendor Review | Description |
| Call Center | Review vendor prequalification program and audit programs |
| Debt Resale | Review prospective debt buyer underwriting and audit programs |
| Ongoing Monitoring (reporting, audits, monitoring, reviews) | Review audit frequency, type and findings |
| Payment Processing | Description |
| Vendor Agreement | Review agreements of TPPPs and ODFIs |
| NACHA Requirements | Review policy vs NACHA Best Practices |
| Statement Review | Review statements to ensure performance within required NACHA threshholds |
| Compliance Management Program | Description |
| Oversight | Review organizational structure, authority, and personnel |
| Monitoring | Review monitoring programs for adequacy and frequency |
| Training | Review training programs and materials |
| Complaint Management | Review program, system to manage, and inability to edit complaints |
| Written Policies and Procedures | Review corporate policy management of errors and defects in policies and procedures |
| Public Internet Search | Description |
| Vendor Name/Keyword | Performed searches and examined all posts |
| CFPB Complaint Database | Examine CFPB complaint dbase, resolutions, and response timing |
| FTC Search | Examine any fines, fees, and or public findings |
For more information on how our services can benefit your organization contact us at (877) 350-9933 X2 or sales@vpcs.biz
