- Auto Loan Servicer
2 Business Situation
- The examiners found that the furnishers’ policies and procedures did not provide sufficient guidance for conducting reasonable investigations of indirect disputes that contain allegations of identity theft.
- Impact - Failure to furnish Comprehensive policies and procedures prevents the reviewer from accurately investigating and resolving a legit Identity Theft dispute raised by the consumer.
- SLK’s compliance audit and QC platform, Copasys:
- Highlights loans where identity theft disputes has been received.
- Lists step-by-step process for the examiners/auditors to follow to accurately investigate and complete the review.
- Audit result is published as ‘Compliant’ when all the listed guidelines are followed accurately and ‘Non-compliant’ when the listed guidelines are not followed at all or when the investigation is completed without reviewing all the listed steps.
5 Value Delivered
Initiating certain dispute related rules along with effective remediation activities helps:
- Significantly reduce the consumers’ risk of inappropriate and/ or invalid debt collection practices and property loss.