TrendSource offers an array of unbiased, third-party compliance management Inspections, which help companies ensure they remain on the right side of government regulations. These Inspections cross multiple industries and vary widely, but whatever the Inspection type, TrendSource maintains its commitment to efficiency, accuracy, and excellence.
Relative to other industries, debt collection is overseen by a large swatch of agencies who all enforce different parts of the Fair Debt Collection Practices Act, which has been in place since 1977.
According to the Fair Credit Reporting Act, in order to access consumer data, a company or individual must demonstrate a “permissible purpose” for doing so. This privacy measure is mandated, obviously, to restrict who can access credit reports in order to protect consumers from identity theft, discrimination, and fraud.
Over the last couple of weeks, we’ve been looking at the nation’s forthcoming delayed debt crisis. Last week, we considered how foreclosures and auto repossessions will likely increase over the next year as borrowers are forced to repay debts that were postponed during the height of the pandemic. Repossession Lot Inspections and Occupancy Verification Inspections, we argued, will become all the more important in this light.
Earlier, we described how the looming delayed debt crisis will likely lead to an increase in auto repossessions (and the need for Repossession Lot Inspections) over the next year. We are continuing to examine this forthcoming crisis, today looking at how foreclosures are similarly expected to rise in this period.