Every TFA Repo Agent Is GLBA Compliant!

Numerous federal, state, and local statutes relate to the protection and safekeeping of information provided by consumers to institutions and businesses who lend money.

The Gramm-Leach-Bliley Act — otherwise known as The GLBA — is a federal privacy regulation that imposes obligations regarding disclosure of information-sharing practices. Below are highlights of the GLBA:

• Service providers (such as repossession agents) are recognized as “Business Associates” and may have access to any personal information required to perform their requested tasks
• It is then the responsibility of the “Business Associate," its employees, and agents to provide the same protection to the personal information that would be required of the original financial institution

To ensure proper due diligence with the consumer information held by their agency — and to properly protect their integrity — TFA members are encouraged to have the required documents distributed to all their employees, agents, and vendors who have access to this personal information.

For more information on how this industry practice affects you as a lender, contact TFA today.