Gone are the days when the Federal Trade Commission (FTC) simply tallies consumer complaints. The CFPB accepts and resolves consumer complaints against the Accounts Receivable Management industry.
Compliance is just one reason more collection departments and agencies are looking to reduce operational risk. They’re applying analytics and optimization to ensure they’re making the right decisions and taking the most appropriate action for each debtor. This brief explains the expanded regulatory powers confronting the industry, and provides a “Compliance Checklist” you can use to evaluate and improve your compliance readiness.
What’s the best way for debt collection entities to respond, before a potentially unrecognized issue blows up? This paper from FICO identifies regulatory challenges and provides a checklist to help organizations move forward with a proactive compliance plan.
Download Collections and Recovery Compliance: A Call to Action now!