Most people have concerns with debt collectors regarding safety of information, ethical practices and accreditation. Every consumer desires to be treated honestly and fairly by both the service provider and the debt collector. It is the mandate of a decent company in the financial industry to ensure financial resolution is achieved amicably. As a collection agency, IC Systems has put up measurers that are geared towards achieving an optimum resolution.
IC System background information
The Company was established in 1938 by Ruth and Jack Erickson and is headquarter in Minnesota. It has gone through three generations of the Erickson’s family and has in a period of eighty years. The family approach in the management has ensured that honesty and ethical practices are upheld at all times as envisioned by the founders.
Compliance with regulatory bodies
IC Systems have been in the collection business for over eighty years. The company has managed to preserve its reputation by keeping in touch with regulatory measures. Additionally, being at the forefront of latest regulatory measures has facilitated the company edge the completion in the industry. For instance, standards such as CFPB and TCPA has enabled the company employ state-of-the –art collection mechanisms maintaining the status the most collection agencies.
Consumers are concerned with the conduct of the collecting personnel. At IC Systems, collecting personnel are referred as consumer financial representatives. The personnel are required to strictly observe and apply principals of ethical and honesty practices. While the company strives to improve the client’s financial outcomes, it acknowledges the need for consumer-friendly practices.
Over its existence, IC systems have always put focus on auditing as a major element of the compliance risk Management. Auditing ensures that policies and other measures are documented which helps to safeguard customers from collection errors. To ensure due diligence in the auditing process, the company has internal auditors who report to an audit committee. The audit committee is made of some of the highest ranking individuals in the company. Collection companies are required to ensure that all consumers are treated equally and fairly. Ethical and honesty conduct and practices has been engraved in the company’s history and continue to be employed moving forward.