Ranjan Dharmaraja is the founder of Quantrax Corporation and has 25 years of experience in the collection industry.
Companies and experts talk about the problem. Compliance has dominated recent collection conferences and marketing materials. But what are we really doing about the problem?
A computer named Watson proved that machines can outpace even the smartest humans in trivia contests. Quantrax says it has created similar software that can out-think the smartest collection managers.
In an era of heightened regulatory scrutiny of collection practices, implementing effective process controls, training and staff monitoring are more critical than ever.
Ensuring total compliance with the TCPA as well as state and local rules for telephone numbers, work numbers and cell phone numbers must be managed with technology to ensure collectors cannot violate the policies set forth by the agency or law firm.
Mobile computing has not only arrived, but in just a few short years has now matured to the point that tablet and smartphone sales are beginning to outpace PC’s and laptops. Yet, many collection software vendors have not kept up with the pace of these advances.
An intelligent debt collection software system will allow you to change the behavior, operation and decision-making of the system without any custom programming.
How flexible is your collection system when it comes to meeting today’s compliance requirements?
In part 1 of our article, we discussed the data and work elements that make phone number management a challenge for ARM companies. Today, we discuss some of the solutions we have considered and incorporated.
Managing phones numbers in any collection system is a complex task. You have both verified and unverified numbers. In addition, you’re continually receiving new accounts that link to existing accounts. These may come with numbers that are new, or numbers that exist on older accounts. Numbers that exist on older accounts may have been worked and determined to be bad numbers or wrong parties! How do you navigate this seemingly impossible and complex web?
One of the best defenses against frivolous lawsuits is your ability to demonstrate that you have processes and technology in place to meet the requirements of different states.