Frequently Asked Questions
What does Vendor Compliance Plus do?
Our agents and staff work together to acquire and examine information essential to compliance issues for each of your vendors. A state of the art automated database gives you a clear and concise picture of your vendor by providing the most current and up to date information available while always adhering to your minimum requirements.
How can the lender confirm Vendor Compliance Plus is maintaining the required documents?
You can access your own password protected company portal, giving you the ability to view any documents or compliance orders at any time of the day or night, 24/7. We maintain files for each of your vendors with easy access to any required document contained within the file.
What documents are stored in the Vendor Compliance Plus database?
Based on the services contracted, we will store business licenses, state licenses (where required), all insurance certificates, bond information, contracts, photographs and drawings/layouts of offices and storage facilities. Additionally we also store document retention evaluation reports, yearly monitoring of financial responsibility documents, civil proceedings and any unsettled complaints.
How does Vendor Compliance Plus monitor essential information, for example, expiration dates on insurance certificates and other documents?
Our database automatically identifies a vendor 15 days prior to expiration of any document and again on the day of expiration if the updated information has not been received and entered to the vendor’s file. In addition to identifying or flagging the vendor, our automated system also sends an email to the financial institution alerting them that a document has expired causing the vendor to become non-compliant thereby triggering a removal from their approved list.
What procedure do you have in place if a document expires and Vendor Compliance Plus repossession vendor refuses to cooperate?
Our automated system sends an email notice to the financial institution that the vendor is out of compliance and should be removed immediately from the approval list. The vendor is also notified that they are being removed from your approved list.
Who is the Insurance Certificate Holder?
Vendor Compliance Plus becomes the Insurance Certificate Holder. This enables us to relieve the Financial Institution of the administrative duties involved concerning renewals, cancellations, and the issuance of new policies.
What type of security and data backup does Vendor Compliance provide?
In today's world, for better or worse, security issues are at the forefront of our thoughts. GeoTrust QuickSSL is just one solution from GeoTrust that should give online consumers and businesses peace of mind. Sites secured by GeoTrust SSL certificates are providing up to 256 bit encryption thereby offering the highest level of encryption and security possible. In addition, Vendor Compliance Plus website utilizing SiteLock, a leader in website security, which helps protect you from hackers, malware, spam, viruses, and scams. This means you can rest assured that communications between your browser and this site's web servers are private and secure.