In Response to CFPB Demands, Webrecon Launches Vendor Monitoring Program

WebRecon LLC has announced a new service for creditors, debt buyers and collection agencies struggling to comply with CFPB requirements that they monitor the actions of their vendors.

WebRecon CEO Jack Gordon says the CFPB has created the demand for this by making it clear to creditors that they will be held accountable for the actions of their vendors.

“I have personally been contacted many times in recent months and asked by big-name creditors if we had a product for them,” said Gordon.

In response to this market demand, WebRecon is launching the Vendor Monitoring Process, which empowers companies to easily create and track CFPB complaints and lawsuits filed against a custom list of vendors.

Anytime new CFPB complaints or lawsuits are filed against any companies on the list, reports are automatically dispatched to the client. This will help creditors, debt buyers and collection agencies show the CFPB that they are actively addressing CFPB concerns.

“This is a powerful tool that will really make the monitoring component easy,” says Gordon. “If there are red flags to be found, this service will bring them front and center.”