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More Compliance eliminates risk for our clients. Coast is Bonded, Insured, and Licensed in all 50 States. Our collection staff is ACA Certified and Third Party Compliance Audits are performed annually to ensure your assets are managed and protected.
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Coast Professional Compliance Points
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50 State Licensing
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Each state has its own set of laws pertaining to debt collection. However, every state requires a license, certificate of authority or both to transact and collect on default student loan accounts. Coast Professional is acquiring licensing in 50 states (4 States Pending). If your agency doesn’t have 50-state licensing and is corresponding with borrowers in a state without legal permission, your institution is at financial risk. |
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3rd Party Compliance Audit
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If your institution collects on Title IV debt, federal regulations require all Third Parties involved in the collection process to conduct an annual Third Party Compliance Audit, at their expense, by a licensed, qualified, CPA firm. A Third Party includes, but is not limited to the following: Collection Agencies, Companies offering Billing Services, Skip-tracing Agencies and Law Firms. Coast Professional has received an unprecedented “No Findings” in its last 4 years of compliance auditing. Coast Professional, Inc.’s Third Party Compliance Audit is performed by Knutte and Associates, www.knutte.com
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Errors and Omissions
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Errors & omissions insurance provides coverage to people who give advice, make educated recommendations, design solutions or represent the needs of others. "E&O" is also referred to as professional liability or malpractice insurance. This type of liability insurance covers your agency in the event that someone claims they incorrectly performed or failed to perform their professional duties.
Coast Professional, Inc. maintains its insurance policies through the American Collector’s Association (ACA).
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Audited Financials
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Acquire a copy of our Audited Financial Statements. It’s important to know how financially sound your agency is. This will aid you in properly retaining qualified, financially sound agencies with less risk to your institution. If your agencies don’t have hard copies of their audited financial statements, you may want to question why.
Coast Professional, Inc.’s Audited Financial Statements are performed by Cottrell and Deems, Certified Public Accountants. |
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Client Contract Bond
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Our Contract Bonds guarantee that Coast will fulfill its commitment to your institution according to the specifications written in our contract. Some state and federal institutions require agencies to obtain this type of bond and it becomes an automatic requirement if stated in the client contract. |
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Disaster Recovery Plan
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Should a natural disaster strike, what would happen? With Coast Professional, your student records and information will never get lost. Every piece of data is backed up on a nightly basis and stored 15 miles offsite. We house a disaster plan that allows us to be up and running again within days of an unforeseen problem. |
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Data Handling and Safe Guarding
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Coast Professional maintains the confidentiality and safety of your borrower’s information. Every staff member wears a proximity sensor that locks their terminal the second they move 5 feet away. We have strict internal protocol that ensures student and client documentation is destroyed and disposed of onsite, in order to eliminate the threat of identity theft or other potential fraud. |
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ACA Certified Collectors
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Consumers are becoming increasingly aware of their rights. Coast Professional follows all FDCPA requirements, state and federal laws, along with Title IV Federal Regulations. ACA certification guarantees that our staff understands and acknowledges all of the guidelines, responsibilities and personal rights involved with consumer debt collection. |
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| Copyright 2012 Coast Professional, Inc. |
