The DebtNext platform is built to help you enforce the highest level of compliance and enhance your recoveries, interact with data vendors, and provide reporting on everything you need to know. DebtNext added new functionality in their platform to allow for compliance with the new CFPB requirements within Regulation F.
Regulation F requires that the balance due be clearly defined from the itemization date, which is recognizable by the consumer. The balance must reflect principal, interest, fees, payments, and credits, and must be outlined for the consumer to review on the initial collection letter. DebtNext’s platform is configured to allow for proper calculation and storage of the consumer's itemized balance, all through the collection lifecycle, and allows you to communicate that information to the consumer in a clear and concise manner.
Consumers have also taken control of how and when they are contacted. DebtNext’s communication consent management tool offers you the opportunity to track and manage preference at any medium level, including phone, text, email, social media, and written. Consent can be captured and updated in multiple ways, including via a third-party vendor, and can be passed down through the lifecycle of the account.
These additions to the DebtNext platform allows for easy compliance with Regulation F and ensures a consumer-friendly environment for collections.
Paul Goske, President, DebtNext Software, says:
“We are extremely excited about being selected as the Best Demo at the iA Strategy & Tech Conference. It was as much a compliment to our clients and industry partners as it was to our team. We rely heavily on their input and insight when we’re making enhancements to the DebtNext Platform. Obviously, the CFPB regulatory changes are in the forefront of a changing landscape within the receivables management industry, and we feel as though our offerings put our clients in a very strong position to remain compliant in their recovery efforts.”