Washington, DC – 12 September 2017 – In a report published September 12th by the Consumer Financial Protection Bureau (CFPB), titled the “Supervisory Highlights, Issue 16, Summer 2017”, the CFPB released their findings from examinations of “servicers” overseeing repossession agents and how repossessions are conducted. Through that work, they identified unfair practices relating to repossessions that had been causing wrongful repossessions of borrowers who had already brought their accounts to current statues.
I read the recent editorial about Santander/Chrysler and I felt the need to respond from my point of view. One of the questions in the article was why Santander/Chrysler chose the C.A.R.S. National Certification Program for ensuring that the recovery agents they hire are professionally trained. I am going to try to answer that question only.
From the desk of: Recovery Specialist Insurance Group
Ahead of Hurricane Irma, currently a Category 5 Hurricane in the Atlantic, Florida Governor Rick Scott has declared a state of emergency for the entire state. Hurricane Harvey barrelled down on the Gulf coast last week and dumped significant rains throughout the Gulf States, many governments declared states of emergency and had mandatory evacuation notices in place for the safety of their local businesses and residents. But what does this mean for repossessions in those areas?
In our opinion, there are 3 important things to think about here…
Petersburg, VA – 23 April 2017 – The Petersburg Assistant Fire Marshal is speaking out after he was arrested at his home Friday and charged with shooting at two repo men. Marlow Jones faces two misdemeanors after the repo company said he pointed a gun at them to make them leave. Jones is challenging that claim and the reason they showed up to his door in the first place.
It’s no secret to professionals in the collateral recovery industry and statistics clearly show that over 95% of Wrongful Repossession lawsuits result from confrontational situations between the recovery agent and the debtor. These lawsuits include recovery agent’s faulty operation of their tow trucks, such as running over the debtor or vehicle crashes. The truth is that, with all the wonderful and sophisticated technology we have today it still requires human hands (the recovery agent) to “finish the job.”
The majority of lending institutions, under the scrutiny of the Consumer Financial Bureau, are required to use only third party service providers with proper compliance and training documents. In the late months of 2014 the members of the highly respected Eagle Group XX developed a standardized training and safety credentialing program specifically designed for the men and women who work recovery assignments in the field.
La Plata County, CO – November 26, 2012 – Three digits on the plate and being on the same block isn’t quite enough vehicle identity verification when it comes to repossessions. At least that’s what one repossessor learned on Monday.