Best Practices for Collections

The latest Safeguard Rules requires financial institutions to develop, implement and maintain information security program with administrative, technical, and physical safeguards designed to protect customer information. Whether the data lives on documents in the back office or on the vehicle itself, protecting consumers’ information is vital.

The best way to protect yourself:

• Integrate Modern Analytics to Monitor Your Collateral
• Partner with a Certified, Knowledgeable Recovery Agent
• Build a Culture of Compliance
• Document, Document, Train, Train, Over Communicate

Working with industry partners such as ARA and NAF, here are some additional best practices to help you stay compliant:

• Stay Updated on Legislation
• Document and Audit Collections Process
• Provide Location Intelligence to Assist in Fast Recoveries
• Add GPS Predictive Analytics to Guide Future Funding Decisions
• Support Your IADA in Educating State and Federal Legislators

If you have any questions, please give us a call.

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