Press Release
Elizabeth, NJ – Vendor Transparency Solutions, LLC, an Arizona based vendor screening company, launched the first online compliance management system for the automotive lending industry today.
“Through compliance monitoring, VTS is positioned to create new standards in the highly unregulated repossession industry,” Said VTS President, Maximo Pineiro. “Our main focus is to assist lenders in reaching and maintaining the highest level of compliance while minimizing their risk and exposure.”
Read More!
The service seems to be redundant.The Forwarders and other Vendors are already being reviewed by the clients Vendor Management Teams who are quite thorough. What real qualifications do Max and Jeff have in this field other than the thought, and a computer program, have either of them held a Compliance Officer Position, or had Compliance Training? In checking Elite Collateral Recovery’s background I discovered a lawsuit Alvin Zayas (and other unnamed defendants) -vs- Elite Collateral Recovery Case# 2:08-CV-00767 Filed 2/12/08. The suit alleges violations concerning employee’s not being paid overtime. They were not prosecuted as there was an undisclosed settlement reached, and the case was mutually dismissed. I would have expected a frivolous FDCPA Suit or Wrongful Repossession Suit understanding the business they are in, but not a suit for violating State Regulations from someone who is trying to sell Compliance Management Services.