Commitment To Compliance

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Principles of Service

Our commitment to compliance minimizes risk for our clients. Coast is bonded, insured, and licensed in all 50 States. Our collection staff is ACA Certified, and our organization undergoes annual Third-Party Compliance Audits to ensure your assets are managed and protected. We offer our clients the full spectrum of compliance points:

Fifty State Licensing: Each state has its own set of laws pertaining to debt collection. Some states require all collection agencies to obtain licensing, some require a certificate of authority, and some states have no specific requirements at all. Coast Professional is licensed to collect and/or certified in all states that have such prerequisites. If your current agency doesn’t have 50-state licensing and is corresponding with borrowers without first obtaining legal permission from the state, your institution is being placed at risk.

Third-Party Compliance Audit: 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. Examples of a third-party in this instance includes: collection agencies, billing services, skip-tracing agencies, and law firms. Coast Professional has an exemplary 16 years with no findings in any of our annual audits.

Errors and Omissions: Coast maintains errors & omissions insurance to cover Coast – and our clients – in the event that someone claims we incorrectly performed or failed to perform our professional duties.

Audited Financials: The financial soundness of your collection agency is vitally important. Coast maintains the highest levels of fiscal transparency, adheres to Generally Accepted Accounting Principles (GAAP), and annually undergoes extensive financial audits conducted by an independent third-party firm. By choosing Coast, your institution will have the peace of mind that comes from working with a firm that has never been bought, sold, acquired, or filed for bankruptcy. 

Client Contract Bond: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.

Disaster Recovery Plan:Should a natural disaster strike, what would happen? With Coast Professional, your consumer records and information are never at risk. Every piece of data is backed up on a nightly basis and stored offsite. We maintain a sophisticated disaster recovery plan that allows us to be up and running again as quickly as possible following an unforeseen problem.

Data Protection: Coast Professional maintains the confidentiality and safety of your consumer’s information. We have strict internal protocols that ensure student and client information is protected from the moment it is entrusted to our care to the moment it is destroyed in compliance with industry best practices and client-specific contract requirements. We have invested heavily in our technology infrastructure to protect our operations and our clients’ data all times from unauthorized access.

ACA International Certified Collectors:Consumers are becoming increasingly aware of their rights as consumers. Coast Professional follows all FDCPA requirements, state and federal laws, and Title IV Federal Regulations. ACA-backed training and certification guarantees that our staff understands and acknowledges all of the guidelines, responsibilities, and personal rights involved with consumer debt collection. Moreover, throughout their career at Coast, employees undergo regular refresher training to ensure they understand the latest developments in the industry.