Press Release
Bartlett, IL – March 18th, 2013 – The recovery industry’s largest and “only true trade association”, Allied Finance Adjusters, has partnered with Vendor Compliance Plus, an independent compliance monitoring company to help lenders view the compliancy of Allied members participating in the program. The new software was created to keep up with the new regulations that have been set forth by the Consumer Financial Protection Bureau (CFPB).
Allied believes it should not cost thousands of dollars to inspect and monitor compliance. AFA has aggressively sought to minimize the annual cost via Vendor Compliance Plus that will bring added value to its membership. In addition, Allied believes the auto lending community is aware of the increasing expenses of compliance to repossessors and as such lenders will strive to help seek cost effective solutions to maintaining high standards of compliance. The lending community can be confidant that they are working with the only association of certifiably compliant recovery professionals anywhere. Allied’s mission is to work cooperatively to establish the industry standard in compliance monitoring through economical solutions. The Vendor Compliance Plus program is a less expensive way for recovery agents to demonstrate compliance while utilizing a robust solution for lenders to realize compliance confidence.
With new regulations by the federal government and the various requirements being laid out by the lending community, Allied’s Executive Committee believes that it needs to be proactive in establishing a resource for all of its members to be certifiably compliant. After an exhaustive vetting process that started nearly a year ago, it was decided that Vendor Compliance Plus is the compliance monitoring company with which Allied feels confident enough to place its brand.
When fully implemented Allied members can adopt this program and demonstrate to clients via the Vendor Compliance Plus (VCP) secure web site that they have the necessary certificates, licenses and inspections. The program will also give details on each member’s continuing education, any criminal or civil judgment(s) and a whole host of other information that lenders may find valuable.
About Allied Finance Adjusters Conference, Inc.
Allied Finance Adjusters (AFA) is the largest, not-for-profit, national trade association of certified,
trained and CFPB compliant recovery professionals. AFA has lead the industry as the first trade association to offer its members CFPB Training & Education and our members lead the industry in locating and repossessing collateral on behalf of all lending institutions including, banks, credit unions, financial institutions, rental & leasing companies, buy here pay here, auto, truck, aircraft and equipment dealerships. All new AFA Members must pass rigorous physical office inspections. AFA does not support Phantom or Ghost offices; only those offices/storage lots that have been inspected are permitted to be listed on its website and in its directories. All AFA members are independent professional business operators. For more information please contact our home office (800) 843-1232 or visit
http://www.alliedfinanceadjusters.com/
: About Vendor Compliance Plus
Vendor Compliance Plus, LLC is the leading, independent, compliance monitoring platform tailored to serve the repossession industry. Vendor Compliance Plus (VCP) provides its clients with a secure portal that allows the live monitoring of their service providers and all of their compliance related documents, contract, audits and inspections. To learn more, please call 888 533-2013 or e-mail info@VendorCompliancePlus.com www.VendorCompliancePlus.com
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