Best Practices – Collections & Recovery

In adherence to best practices and the latest Safeguard Rules, financial institutions are mandated to establish, execute, and uphold an information security program. This program should encompass best practices in administrative, technical, and physical safeguards, strategically designed to safeguard customer information. This imperative extends to data residing on documents within the back office or on the vehicle itself, underlining the significance of shielding consumers’ information.

Key Best Practice Measures to Safeguard Your Operations Include:

• Implement Modern Analytics for Collateral Monitoring: Enhance your protection mechanisms by integrating state-of-the-art analytics to monitor your collateral effectively.
• Collaborate with Certified, Knowledgeable Recovery Agents: Forge partnerships with certified and knowledgeable recovery agents to bolster your defense against potential threats.
• Foster a Culture of Compliance: Instill a culture of compliance within your organization, ensuring that every team member is aligned with security protocols.
• Emphasize Documentation, Training, and Communication: Prioritize documentation, thorough training sessions, and effective communication to fortify your defense strategy.
• Stay Informed on Legislation: Remain abreast of legislative updates to ensure your collections practices align with current regulatory requirements.
• Document and Audit Collections Processes: Rigorously document and periodically audit your collections processes to guarantee adherence to industry standards.
• Provide Location Intelligence for Swift Recoveries: Enhance your recovery efforts by providing location intelligence, facilitating faster and more efficient asset recovery.
• Incorporate GPS Predictive Analytics for Informed Funding Decisions: Elevate your decision-making by integrating GPS predictive analytics, offering valuable insights for future funding decisions.
• Support Your IADA in Legislative Education: Collaborate with industry associations like IADA to contribute to the education of state and federal legislators on pertinent issues.

For any queries or further assistance, feel free to reach out to us directly. Your commitment to these best practices will not only ensure compliance but also fortify the security of customer information.

“We have used Advantage GPS for a couple of years and have had nothing but EXCELLENT customer service!!!We have recommended and referred several other companies to Advantage and will continue to do so.”

Advantage GPS Customer