ST. LOUIS (February 2009)—Recovery Compliance Solutions recently announced CARL (Compliant Agents Reduce Liability) as a solution for lenders trying to monitor their repossession vendors. CARL maintains all the necessary documentation needed to make certain that all repossession vendors are constantly in compliance with a lender’s specific minimum requirements.
“Who has the time to keep track of certificates, permits, inspections reports, background checks and more?” said CARL, intelligence agent extraordinaire for Recovery Compliance Solutions. “With vendors constantly changing, and expiration dates always approaching, most lenders would need a full-time employee to maintain all the compliancy information. My job is to gather and store all the information, expiration dates and details so that you don’t have to worry about it. If a vendor is no longer compliant, or one of their certifications is about to expire, I’ll let you know right away, taking guesswork out of asset recovery.”
As stated by the Uniform Commercial Code (UCC) Officials, lenders are held responsible for the actions of their repossession vendors. As a result, liability falls on the lenders to ensure their repossession vendors are maintaining the minimum standards set forth by the industry and their contracts. Addressing this manual, time consuming burden, Recovery Compliance pioneered CARL (Compliant Agents Reduce Liability). CARL confirms that vendors are who they claim and remain accurate with their compliancy.
“Lender’s have enough to worry about without the additional burden of maintaining the compliancy of their repossession vendors,” said XX, TITLE at Recovery Compliance Solutions. “CARL is your personal intelligence agent. CARL maintains all the information necessary, leaving your in-house staff to focus on more important things. CARL will contact your vendors within fifteen days of any expiring document or annual renewal and update the database prior to being out of compliance. If any vendor falls out of compliance for any reason, CARL will immediately notify you by email. Best of all, by using our password protected site you can check up on CARL anytime and see how he’s doing.”
The founders of Recovery Compliance Solutions developed CARL after recognizing that lender’s needed an efficient way to organize their vendor information. CARL is accessible via Recovery Compliance Solutions’ website www.recoverycompliance.com.
About Recovery Compliance Solutions
Recovery Compliance Solutions administers and monitors independent repossession vendors for compliance issues on behalf of automotive lenders throughout the United States. The management staff at Recovery Compliance Solutions has more than 20 years of past experience in the automotive lending and repossession industry. In addition to being directly employed by a national automotive lender, they have been certified thru both Recovery Specialist Insurance Group (RSIG) and Certified Asset Recovery Specialist (CARS). For more information about Recovery Compliance Solutions and CARL, the company’s Asset Recovery Vendor Accountability Solution, visit www.recoverycompliance.com or call 314-732-1376.