Category: General News

Important Industry News & NCS Updates

Policy changes publishing of consumer complaints

This spring, Consumer Financial Protection Bureau (CFPB) began publishing complaint anecdotes on its website.

For years, the organization has published data such as name of an agency, category of “harm,” relief sought, etc. But consumers now have new capabilities, namely the ability to choose whether to publish the story behind their complaint. That narrative basically gives the U.S. government permission for the information to appear in full on a website maintained by the federal agency.

This policy change is troubling in more ways that one.

• Consumer complaints will receive little oversight or verification before they are available for public viewing. Often, those who least understand the credit and collection industry make complaints to the CFPB.

• Agencies can reply openly to the complaints, but using only a handful of canned responses that may or may not explain the full narrative.

• Agencies are not informed about whether the consumer chose to publish his or her complaint until after the agency chooses to publish a response, creating a catch-22 situation for agencies.

We have prepared for the policy change with more training, oversight, and compliance reviews.

NCS works hard to stay ahead of changes in compliance policy in an effort to uphold strong client relationships at all times.

 

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7 Tips For Identity Theft Prevention

Identity theft word cloud shape concept

Identity theft word cloud shape concept

Identity theft prevention is important, and the crime is becoming increasingly more common as our world becomes more and more networked.

Here are some tips to protect yourself from being a victim.

  • Never give your social security number or confidential information to anyone who calls you.
  • Don’t carry your social security number with you – it’s best to memorize your number.
  • Shred or tear up receipts, old bank statements, and unused credit card offers.
  • Do not mail bill payments from your mailbox. Thieves may use the check data or alter the check, or steal your credit card information.
  • Review your credit rating annually by ordering a free credit report once a year. Only use www.annualcreditreport.com as this is the only service authorized by the three nationwide credit reporting agencies for the purpose of monitoring your credit file.
  • Do not carry any login or PIN information with you – it is best to memorize it.
  • Report suspected fraud immediately.

Surely there are many more ways to protect yourself, but these suggestions are some key ways to avoid being a victim.

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