Compliance Tips for Outbound Debt Collection Communications

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2014-07-Compliance Tips for Outbound Collections Download CoverMeeting FDCPA, CFPB and TCPA Requirements.

The largest challenge to successful collection efforts today is outbound communications compliance. With many rules to follow, and requirements continually evolving, staying on top of the myriad pieces, components, and pitfalls can take an extraordinary amount of time.

This white paper, developed by Genesys,  conveys key lessons in collection compliance for outbound
communications, including:

  • An overview of the compliance landscape in the United States, namely the Fair Debt Collection Practices Act (FDCPA), the Telephone Consumer Protection Act (TCPA), and the regulatory authority of the Consumer Financial Protection Bureau (CFPB);
  • Legal requirements and restrictions for collection outreach; and
  • Best practices in obtaining consent for debt collection communications.

from the whitepaper

Compliance Landscape

Collection organizations and agencies are under intense scrutiny concerning the manner in which they contact consumers, and compliance risks are at an all-time high. There are many different statutes and regulations enforced at the federal and state levels. Additionally, collection organizations often have their own internal governance rules.

Compliance efforts can be complex and time-consuming. At the least, collection agencies should have a communications strategy in place to control the frequency of outbound
communications, manage mobile opt-ins, and ensure proper disclosures.

Non-compliance can result in huge penalties, depending on the statute or regulation that may have been violated. Litigation is expensive and potential damages are often in millions, particularly where class actions are concerned. Not only can these cases result in negative publicity and hamper communications with customers, but they can also negatively impact long-term customer relationships.

 

To download any of insideARM.com's free whitepapers or view on-demand webinars, log in or register for an account below.

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