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 CertificationsDescription
Online Lenders AccreditationDetailed examination of lenders policies and procedures
Debt Buyer's Association AccreditationDetailed review of debt buyer's policies and servicing practices
Liens, Actions, Fines, Investigations, BK, and moreDescription
Company Background CheckComplete background check of company and associated companies
Required LicensesDescription
Corporate RegistrationReview of state and federal corporate registrations
State Registrations & BondsReview of state registrations and bonds
Debt Buyer License ReviewAll required licenses verified and current
Agreement Review - Debt BuyersDescription
All Critical VendorsExamined for required elements of agreements (SLAs, restrictions, ...)
Purchase AgreementsExamined for provisions, restrictions, and more
Resale AgreementsExamined for compliance with purchase agreement provisions, resale restrictions, and more
Policies and Procedure ReviewDescription
Payment ProcessingExamine policy, procedures, and controls
BSA / AMLExamine policy, procedures, and controls
EFTA / REG EExamine policy, procedures, and controls
FCRA / FACTAIf debt buyer reports; examine policy, procedures, and controls
Identity AuthenticationExamine policy, procedures, and controls
GLBAExamine policy, procedures, and controls
Privacy Examine policy, procedures, and controls
Record RetentionExamine policy, procedures, and controls
SCRA / MLAExamine policy, procedures, and controls
UDAAPExamine policy, procedures, and controls
FDCPAExamine policy, procedures, and controls
Vendor ManagementExamine policy, procedures, controls, and audit program
TCPAExamine policy, procedures, and controls
Information Security Description
PCI ScanPerformed on all IP addresses
Written Security Program PolicyExamine policy, procedures, and controls
Information Encryption used when transferring dataExamine policy, procedures, and controls
Network MonitoringReview whether function is outsourced. If not, what technology is utilized.
Firewalls installed Reviewed firewall technology and vendor (if outsourced)
Default passwords and Security Parameters updatedExamine policy, procedures, and controls
Protection against system attacksExamine policy, procedures, and controls
Restricted access to Sensitive InformationExamine policy, procedures, and controls
AuditsReview audit schedule and results
Physical SecurityExamine policy, procedures, and controls
Clean Desk PolicyExamine policy, procedures, and controls
Facility Access MonitoringExamine policy, procedures, and controls and if Policy (review audit and logs)
TrainingDescription
FDCPAReview of adequacy and frequency of training
TCPAReview of adequacy and frequency of training
Vendor ReviewDescription
Call CenterReview vendor prequalification program and audit programs
Debt ResaleReview prospective debt buyer underwriting and audit programs
Ongoing Monitoring (reporting, audits, monitoring, reviews)Review audit frequency, type and findings
Payment ProcessingDescription
Vendor AgreementReview agreements of TPPPs and ODFIs
NACHA RequirementsReview policy vs NACHA Best Practices
Statement ReviewReview statements to ensure performance within required NACHA threshholds
Compliance Management ProgramDescription
OversightReview organizational structure, authority, and personnel
MonitoringReview monitoring programs for adequacy and frequency
TrainingReview training programs and materials
Complaint ManagementReview program, system to manage, and inability to edit complaints
Written Policies and ProceduresReview corporate policy management of errors and defects in policies and procedures
Public Internet SearchDescription
Vendor Name/KeywordPerformed searches and examined all posts
CFPB Complaint DatabaseExamine CFPB complaint dbase, resolutions, and response timing
FTC SearchExamine any fines, fees, and or public findings

For more information on how our services can benefit your organization contact us at (877) 350-9933 X5 or wrw@vpcs.biz