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FAQ

  1. What exactly does Recovery Compliance Solutions do? 
  2. How can the lender verify RCS is maintaining the relevant documents?
  3. Who is CARL?
  4. Does the lender have to keep a separate file?
  5. What documents does RCS keep in their database?
  6. How does RCS monitor expiration dates on insurance certificates and other documents?
  7. What if a document expires and RCS can’t get the cooperation from the repossession vendor?
  8. What if the lender wants to be listed as an Additional Insured on each Insurance Certificate?
  9. Can RCS maintain our contracts?
  10. Who is the Insurance Certificate Holder?
  11. Does RCS verify all incoming documents?
  12. Who sets the minimum requirements for each repossession vendor?
  13. Can the lender add or delete vendors at anytime from there database?
  14. Can RCS show me an example of what the database looks like?
  15. How long does it take RCS database to come online for the lender?
  16. How do repossession vendors get notified of the lender’s decision to use RCS?
  17. Do repossession vendors like RCS?
  18. Does RCS database have the capability to have a direct link to our in-house repossession assignment system?
  19. What happens to all documents provided to RCS by a vendor?
  20. What type of security and data backup does RCS provide?
  21. Is RSC fully insured?
  22. My company currently handles this in-house, why should we look at outsourcing it?
  23. How can RCS monitor repossession vendors cheaper than the lenders can do it themselves?
  24. So the lender decides to give RCS a try, how do we get started?

What exactly does Recovery Compliance Solutions do? 
Recovery Compliance Solutions experienced ownership and staff, along with our automated database, constantly maintains and monitors a specific file for each of your approved repossession vendors, making certain they continuously meet your minimum requirements. back to top 

 

How can the lender verify RCS is maintaining the relevant documents?
Our automated database contains an electronic file for each of your vendors.  Each file contains a separate PDF file for each relevant document.  We provide password protected access to our web based system so you can view any vendor’s file at anytime. back to top

 

Who is CARL?
CARL (Compliant Agents Reduce Liability) is our proprietary intelligence solution that allows the maintenance of repossession vendor information through its knowledge bank and expiration system.  With the ability for our clients to access CARL’s web interface, lenders possess the ability to quickly and easily confirm the status of the vendors they take on (as it is the lender’s liability for the recovery vendors they choose to work with).   back to top

 

Does the lender have to keep a separate file?
No, that’s the beauty of the program.  The lender no longer has to maintain a file for each repossession vendor.  It eliminates the constant updating, sorting, and stream of incoming information. back to top

 

What documents does RCS keep in their database?
Depending on the level of services chosen, we keep the following PDF documents in each of your vendor’s files; business licenses, state repossession licenses, all insurance certificates, bond information, contracts, pictures of office and storage facilities, annual facility inspections, and document retention evaluation reports, along with annual monitoring of financial responsibility documents, civil proceedings, and volume of unresolved complaints.  back to top

 

How does RCS monitor expiration dates on insurance certificates and other documents?
Our database automatically flags a vendor 15 days prior to expiration of any document and again on the day of expiration if we have not received their updated information.  In addition to flagging the vendor, our automated system sends an email to the lender when the document has officially expired, notifying the lender the agent is out of compliance and should be removed from the approved list. back to top   

 

What if a document expires and RCS can’t get the cooperation from the repossession vendor?
Our automated system will send an email notice to the lender that the vendor is out of compliance and should be removed immediately from the approval list.   We will also notify the vendor they are being removed from your approval status.
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What if the lender wants to be listed as an Additional Insured on each Insurance Certificate?
No problem. RCS will maintain an Insurance Certificate in each of your vendor files specially listing your company as an Additional Insured. back to top

 

Can RCS maintain our contracts?
Absolutely.  When the lender commits to using RCS services, we will ask for a PDF file of your contract, both the vendor and lender will sign a copy.  We will then upload a copy to the database and keep a hardcopy in our vendor file. back to top

 

Who is the Insurance Certificate Holder?
RCS is the certificate holder .  The lender no longer has to deal with the constant renewals, cancellations, and new policies being issued. back to top

 

Does RCS verify all incoming documents?
If the document comes directly from the vendor, we verify by phone with the issuing party that the document is legitimate.  If the document comes directly from the issuing party, we rely on that party to provide true and correct documents.. back to top   

 

Who sets the minimum requirements for each repossession vendor?
The lender.   The automotive lender provides RCS with a list of their minimum requirements and we make sure each vendor continuously meets your specific standards. back to top

 

Can the lender add or delete vendors at anytime from their database?
Yes.  To add a new vendor, simply send an email with the company name and contact information, and from there, we perform the due diligence and add them to the system.  To delete a vendor simply send RCS an email and we will remove it immediately.  back to top

 

Can RCS show me an example of what the database looks like?
Each lender’s and vendor’s file is confidential so we can’t divulge any real information except to the rightful owner, however,  we have a sample lender set up in our system that you can view, to get an idea how easy our system is to navigate. back to top

 

How long does it take RCS database to come online for the lender?
In most instances it takes less than 30 days.  It mostly depends on how many vendors you have and how quickly they respond to our requests for information. back to top

 

How do repossession vendors get notified of the lender’s decision to use RCS?
RCS will provide a sample email that we ask the lender to send out explaining the change and asking for the vendor’s cooperation.  back to top  

 

Do repossession vendors like RCS?
Most do because it helps maintain a level playing field and eliminates unqualified repossession companies from the industry.   We also notify vendors 15 days prior to document expiration and again when it expires so that they can maintain their good standing.  Many times the vendor can supply a document one time and we can use it for numerous lenders, thus saving time and money for the vendor. back to top  

 

Does RCS database have the capability to have a direct link to our in-house repossession assignment system?
Our programmers have the capability to work with your IT department to set up a link with your operating system, so that when a vendor is out of compliance it updates your operating system, thus not allowing a collector to issue an assignment to the suspended vendor.   Programming fees would be in addition to our normal pricing. back to top 

 

What happens to all documents provided to RCS by a vendor?
All documents needed for the vendor approval process will be scanned and stored in our secured website, which you have 24 hour access to.  In addition we keep a separate hard file for each vendor for a minimum of six years. back to top  

 

What type of security and data backup does RCS provide?
We encrypt all of the data being transferred to and from our server with a 128 bit SSL certificate.  Each SSL certificate consists of a public key and a private key. The public key is used to encrypt information and the private key is used to decipher it. When a Web browser points to a secured domain, a Secure Sockets Layer handshake authenticates the server (Web site) and the client (Web browser). An encryption method is established with a unique session key and secure transmission can begin. Our true 128-bit SSL Certificate ensures that you can be confident in knowing that everything stored in our database is safe and secure.

 

Is RCS fully insured?
Yes – We hold a comprehensive errors & omissions policy, in addition to a general business liability policy with loss limits of $1,000,000.00.   Even with an error on our part you can rest assured that your company will be insured from liability. back to top

 

My company currently handles this in-house, why should we look at outsourcing it?
Not only can RCS save you money by reducing the risk of unsecured claims, but we can also provide our services to you at a cost effective price.  We understand that increasingly tight budgets are limiting the amount of money you can spend throughout your department, and compliance is not an area you want to cut corners on. back to top

 

How can RCS monitor repossession vendors cheaper than the lenders can do it themselves?
Each automotive lender has it own list of approved repossession vendors.  We eliminate your in house monitoring of each vendor which can be costly.   By using our streamlined process, we eliminate much of the overlapping data that each lender individually has to monitor, and then pass the savings on to you. back to top 

 

So the lender decides to give RCS a try, how do we get started?
It is as simple as providing RCS a list of your approved vendors and their contact information. We will contact each repossession vendor, obtain the necessary documents, verify all documents are legitimate, and set up your file in our database. back to top

 

In addition our host server is backed up every 24 hours.   back to top