Frequently Asked Questions
At Security Credit Services (SCS), our mission is twofold: to help creditors by providing them with immediate cash flow for their distressed accounts, and to assist consumers in restoring their financial independence through creative solutions and compassionate resolution.
If you have been contacted by one of our representatives or are considering working with us, here are some answers to the most Frequently Asked Questions we receive:
Why does SCS work to assist consumers?
At SCS, we partner with consumers, with the goal of reaching a flexible payment solution that helps an individual to achieve financial independence as well as restore their credit. We work to help consumers reach their goal of paying off debt through extended time and flexible arrangements. Our focus is on the consumer.
How does SCS collect debt?
SCS purchases uncollectible debts from banks and other lenders throughout the country. Once purchased, SCS may collect on the accounts either through our own internal collection efforts or by using a third-party collection vendor. We may choose a third-party vendor that specializes in a specific geographic area or specific type of debt. Specialized collectors are often more knowledgeable about state and local laws or the nuances of a particular type of debt, which can aid in compliance.
Before placing an account with a third-party vendor, SCS reviews the debt to ensure it is appropriate for that particular vendor. This review also aids SCS in more efficiently monitoring the collection process.
How does SCS select outside collection vendors?
At any given time, SCS may be working with dozens of different debt collection companies across the country. Some are selected for their expertise in a particular type of asset category (for example, credit card debt). Others have deep geographic knowledge and are well-versed in local and state laws and regulations.
SCS has long-standing relationships with a number of vendors. New vendors often come through industry referrals. SCS is a member of several industry trade associations that provide referrals. SCS also attends industry conferences, which offer the opportunity to meet potential vendors.
SCS performs detailed due diligence on each potential new vendor. Before placing any accounts with a vendor, SCS uses an extensive and rigorous onboarding process to further vet and prepare the vendor for working with our company.
How does the collection process work?
You may receive a phone call, email or other notification regarding your outstanding debt and noting that it has been purchased by a debt buyer. You should also receive a collection notification letter from either the debt buyer or collection agency that notifies you that your debt has been turned over for collection and details your legal rights. The Fair Debt Collection Practices Act protects consumers and details when, how, and how often debt collectors can contact a consumer, among other things.
A collection agency may settle your debt for an amount below the outstanding balance. This is called settlement authority and part of a debt collection vendor’s arrangement with SCS.
How does SCS monitor its collection vendors?
SCS is constantly monitoring vendor performance. Any vendors that perform poorly are subject to termination.
Vendors are evaluated on their industry experience, data and information security practices, compliance, and management, among other things. Each vendor is also reviewed for compliance with SCS policy requirements. In addition, SCS looks at vendor compliance with required federal and state disclosures, complaint and dispute resolution practices, and call monitoring procedures.
Why is community giving important to a debt-buying company?
SCS believes in supporting the health of the communities we serve. We do this through donating both financial resources and employee time to a number of area charities. We support organizations who are providing community assistance in literacy and education, children’s health, and homeless services, among other areas.
Certified and Compliant
Security Credit Services is a RMAI certified company and has an A+ rating from the Better Business Bureau. Our focus on compliance and a positive consumer experience has made us the preferred loan portfolio acquisition partner for banks and small lenders across the country. Contact us today for more information.