As you know, each state can enact its own set of debt collection laws and requirements. Most jurisdictions have very different licensing and registration rules. Failing to comply can prove costly, through civil or administrative action, negative press, and more.
That risk falls not only on the collection agency but also on the creditors it represents. To reduce it, most creditors set up internal policies, programs, and procedures to make sure the agencies that represent them stay licensed and in good standing in every appropriate jurisdiction. Depending on the scale of your outsourced recovery program, this can be time consuming and costly.
The Cornerstone Assessment Services Program offers a strategic alternative. It reduces the exposure that comes from unintentionally using an agency that is not properly licensed, and it does so at no cost to your organization. Resources you now use to monitor agency compliance can be reallocated or eliminated. Simply put, let Cornerstone Support, Inc. give your organization the assurance that the agencies representing you are always properly licensed.
The following Cornerstone services give a high-level view of how the program works:
Develop a Licensing Matrix
Cornerstone Support will help your organization develop a licensing matrix based on specific statutory requirements.
Initial Compliance Report
Cornerstone Support will prepare an initial compliance report. It identifies where an agency is currently licensed and any gaps in its statutory compliance. This report can be adjusted (information added or removed) to meet your needs.
These reports should be prepared for all prospective agencies at the start of any RFI/RFP process. Why spend internal labor hours evaluating an agency that is not properly licensed and will not earn your business? We also prepare an initial compliance report for all contracted agencies, to identify any gaps that exist now.
Remedy Compliance Gaps
Cornerstone Support will help correct any statutory compliance issues found in the initial compliance reports.
Ongoing Maintenance
Your organization will require all contracted agencies to take part in one of the two following programs:
- Engage Cornerstone Support to maintain the appropriate licenses and registrations. Our renewal service includes tracking all renewal and annual report deadlines; preparing all renewal and annual report applications; submitting all completed renewal and annual report applications to the appropriate state department; and following up on the status of any submitted renewal and annual report applications.
- Engage Cornerstone Support on a scheduled basis to perform an independent review of the current licensing situation.
In return, you get complimentary access to a portal for all contracted agencies. It shows where an agency is currently licensed and, more importantly, any gaps that exist. An exception report that summarizes compliance gaps by contracted agency can also be provided on request.
Found This Useful? Let's Get You Set Up.
Start an application and an expert will tailor the next steps to your situation.
