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Debt Buyers

ARE YOU TAKING UNNECESSARY RISKS WITH YOUR CUSTOMERS' PII?

Taking Unnecessary Risks With Consumers' PII?

ARE YOU TAKING UNNECESSARY RISKS WITH YOUR CUSTOMERS' PII?

As a lender, you are entrusted with large amounts of Personally Identifiable Information (PII) about your consumers and, according to several federal statutes protecting PII,** you are responsible for the security of that data. As the originating creditor, you likely have security and access protocols in place to protect this data while it remains inside your organization. But what happens when you sell or place your nonperforming accounts on the secondary market? Is your consumer’s PII still protected? 

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Brooke Teal from EverChain supports LLS with Fundraising efforts

EverChain's Brooke Teal Fundraising for LLS

Here’s another opportunity to join in the awesome charitable work that is such a cornerstone to many of our industry’s businesses and professionals! Receivables Roundtable Founder, Adam Parks talks with Nancy Hughes of Connect1, LLC and Brooke Teal of EverChain about their ten-week fundraising campaigns for the Leukemia & Lymphoma Society. Man & Woman of the Year is a philanthropic competition to support blood cancer research in the United States. Our industry boasts not just one, but two candidates this Spring! For you West Coasters, Nancy Hughes is running her campaign in San Diego, CA. For the East Coast crowd, Brooke Teal’s campaign is based in Atlanta, GA.

Learn more and join a team (or both!) at mwoy.org. If your company makes a donation, be sure to let us know! Learn more using the links below.

Brooke Teal - https://www.linkedin.com/in/brooke-teal/

EverChain - https://www.linkedin.com/company/everchaincorp

This was originally posted by Receivables Info with Adam Parks on March 14, 2022. Check out the links below to learn more.

Watch the video HERE.

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Tips for Compliant Debt Buying from EverChain

Tips for Compliantly Buying Debt

This article was published in Cornerstone's newsletter on April 19.

Table of Contents
5 TIPS FOR MITIGATING RISK WHEN BUYING DEBT
1. Strategy
2. Segment
3. Security
4. Due Diligence
5. Post-Sale
5 OBSTACLES THAT PREVENT CREDITORS FROM SELLING DEBT
1. Perception of Risk:
2. Lack of Resources:
3. Lack of Due Diligence:
4. Lack of Transparency:
5. Lack of Benchmarking Data:
5 REASONS WHY CREDITORS SHOULD SELL DEBT: THE PROS
1. Why Sell Debt?
2. Why Use a Broker?
3. Why Oversight and Compliance?
4. Why Technology?
5. Why Now?

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