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Vendor Transparency Solutions, LLC is a lender driven online compliance management system (CDM) that provides the highest level of transparency in the asset recovery industry. There is no question that the industry is entering a new era. It is an era that is driven by compliance and regulation.

Government Regulations

On April 13, 2012 the CFPB (Consumer Finance Protection Bureau) released the following announcement on the CFPB website:

Consumer Financial Protection Bureau to hold financial institutions and their service providers accountable.

Banks and non-banks must responsibly manage their service provider relationships.

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a bulletin clarifying that, financial institutions under Bureau supervision, may be held responsible for the actions of the companies with which they contract. The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur.

Compliance

Vendor Transparency Solutions, LLC is a lender driven online compliance management system (CDM) that provides the highest level of transparency in the asset recovery industry. There is no question that the industry is entering a new era. It is an era that is driven by compliance and regulation.

If your agency is currently servicing nationwide clients, you will have already noticed the increased demands of compliance monitoring as well as an increase in the value that is being placed, by lenders, on establishing relationships with those that carry the highest level of compliance.

One issue that lenders face today is the need to sort through the many potential service providers, many of which may cause reputational risk and legal damages to lenders. Even more important is the need to screen existing service providers to assure them they are in compliance with federal regulations.

What is VTS?

VTS is not an association or industry driven group of any kind. Nor do we have any affiliations with any associations or groups. We are an independent loss prevention and compliance management system that properly screens potential and current service providers for lending institutions.

Through the VTS Service Provider Portal, professionals are given the opportunity to showcase their operation and their level of compliance. Those that run professional agencies and have adapted the proper compliance strategies will rise to the top of the industry. VTS’s primary focus is to provide lenders with a comprehensive look at service providers, allowing them to make informed decisions. If your agency has not yet been requested by a client to undergo the VTS screening process, we urge you to be one step ahead and start the process now. This will give your agency the opportunity to identify any areas of concern and have time to address them.

Screening Process

The VTS screening is conducted on every service provider annually. The screening includes a detail inspection of every office and storage facility that your agency utilizes to operate your business, a comprehensive on-site compliance inspection, background checks on all employees, verification of all corporate documents, verification of all educational certifications, lawsuits, bankruptcies, operational manuals, verification of all reported equipment and verification of proper insurance and bond coverage are many of the items that VTS processes. Once the screening process is complete, compliant agencies will have the most powerful marketing tool available in the industry. You will have the ability to forward your VTS vetted company report to prospective clients directly through your VTS Portal.

Information Sharing

Participating lenders will also have the ability to send an RFI (Request for Information) to service providers not currently in their network when a service area becomes available. If your agency is fully vetted and you are not currently contracted with that lender, you will have the ability to participate, if you are identified by the VTS system as being in that coverage area. The lender will now have a completely vetted agency, including all documents, to make an informed decision in a much shorter time frame.

The portal will also serve as a human resource’s tool that will allow you to track all time sensitive documents by receiving 30 day notices, directly to your VTS Portal, on all items due to expire, including agency licenses, business licenses, drivers licenses, vehicle registrations, insurances and bonds.

VTS’s mission is to standardize the industry through compliance, while assuring lenders that they are contracting with compliant service providers ultimately reducing their risk and exposure, resulting in a responsible compliance management program. To assure professional and compliant agency owners that those seeking to engage in the industry will be held to the same standards.

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