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