Repossession compliance requires credit union management to understand the requirements for compliance, to implement appropriate training for the staff who will be preparing notices, and to thoroughly review every notice before it goes into the mail (certified mail of course).
We recognize that the complexity of notice selection, variable input, and review is frustratingly time consuming. However, we know you would rather spend your time making sure your notices are accurate and compliant than being deposed for 7 hours by an aggressive consumer litigation attorney trying to make you admit your compliance systems are not what they should be, in an effort to demand damages from the credit union.
Use of an outside vendor may not solve all of your problems: you will need to thoroughly review the vendor’s understanding of the legal issues involved before developing any confidence in their ability to juggle the array of complex issues waiting to trip them, and therefore you, up. Use of an outside vendor highlights three areas with which you must be concerned: the credit union’s system, the vendor’s system, and how those systems will interface.