National Repossession Forwarders: Who Holds the Key to Compliance Across 400+ Agents?
Managing a team of 10 people can feel like herding cats—so imagine the complexity of overseeing more than 400 repossession agents. Ensuring compliance, efficiency, and accountability at this scale requires more than just good intentions. It demands strategic oversight, the right tools, and full collaboration between creditors, national forwarders, and agents. But who ultimately holds the key to compliance? The answer is clear: creditors. While national repossession forwarders play a
CFPB Seeks Public Input on Addressing Coerced Debt in Credit Reporting
The Consumer Financial Protection Bureau (CFPB) is requesting public comments as it prepares a proposed rule to address issues surrounding coerced debt and its impact on credit reporting. The initiative aims to amend certain provisions within Regulation V, which implements the Fair Credit Reporting Act (FCRA), to better protect consumers. This request, known as an advance notice of proposed rulemaking (ANPR), focuses on updating the definitions of “identity theft” and
If You Knew the Outcome of an Onside Kick, Wouldn’t That Make Your Strategy So Much Easier?
My husband is a life-long Detroit Lions fan, and as season ticket holders, we’ve witnessed our fair share of heartbreak and triumph. At a recent game against the Buffalo Bills, as I watched the strategy and execution unfold on the field, it struck me—being part of an NFL team isn’t so different from auditing collection agencies and repossession forwarders. Think about it: Creditors are the offense, driving the action and
Why a Statistically Valid Sample Isn’t Always Necessary
When auditing collection agencies or repossession forwarders, one common question arises: “Do I need a statistically valid sample?” The short answer: No. While a statistically valid sample can be useful in some contexts, it’s not always practical or necessary in this heavily regulated industry. Instead, a categorical sampling approach often proves more effective. Here’s why. The Case for Statistical Sampling A statistically valid sample is typically calculated using tools like
CFPB Secures $1.8 Billion Relief Fund Distribution Following Action Against Lexington Law and CreditRepair.com
The Consumer Financial Protection Bureau (CFPB) has finalized a significant enforcement action against Lexington Law and CreditRepair.com, two of the country’s largest credit repair companies. In August 2023, the CFPB obtained a $2.7 billion judgment against these companies for violating federal consumer protection laws. By December 2024, the CFPB began distributing $1.8 billion to 4.3 million consumers from its victims relief fund, representing the largest distribution in the agency’s history.
Beware of the Year-End Goal-Setting Process
Year-end goal-setting can be a tricky time, especially as a leader of a collections team. As the bank mapped out goals for the upcoming year, objectives like contractual losses or delinquency levels inevitably made their way onto the list for collections leadership. While these goals are undeniably important for the bank’s overall success, I often struggled to fully support them as key performance targets for collection supervisors and managers. In