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Data Security

With identity theft a widespread issue in the financial services industry, banks and ARM companies are under increased pressure to ensure consumers’ sensitive identification, contact, and financial information is kept safe. In fact, a number of recent state and federal laws and regulations codify certain requirements for handling financial data.

Firms in the ARM industry must adhere to a host of standards, including the Payment Card Industry Data Security Standard (PCI DSS), the financial privacy and safeguards rules in the Gramm–Leach–Bliley Act (GLBA), the FTC’s Red Flags Rule for identity theft, information security standard ISO 27002, HIPAA and the HITECH Act for the healthcare sector, and the Federal Information Security Management Act of 2002 (FISMA) for those collecting on government contracts. Auditing standard SAS 70 is also required for many in the financial services industry that use outside vendors such as debt collection agencies.


Unifund Earns Designations Under DBA International Debt Buyer Certification Program

Unifund CCR, LLC today announced that it has earned the designation of Certified Professional Receivables Company (CPRC) and Morgan Smith, Unifund’s Chief Compliance Officer has earned the designation of Certified Receivables Compliance Professional (CRCP) after completing the prescribed educational requirements of DBA International’s Debt Buyer Certification Program.


Senate Bill Protecting Consumer Data Ripples Out to Debt Collection

A newly-proposed Senate bill would restrict data brokers from collecting or soliciting consumer information in deceptive ways. The Data Broker Accountability and Transparency Act, introduced by Sens. Jay Rockefeller (D-W.Va.) and Edward Markey (D-Mass.), would also let consumers access and correct their information, and opt out of having it sold for marketing purposes. “Consumers deserve to know […]