Are lenders being too cautious when it comes to using texting / SMS for debt collection? Several third-party agencies with deep SMS experience say yes.
Texting with consumers who are dealing with delinquent or charged off accounts can result in a major lift in engagement and overall performance. Nevertheless, the collections & recovery industry has been slow to add texting to their digital debt collection strategy because of some serious concerns about compliance - despite the arrival of new Regulation F guidance covering texting.
Some of those concerns, however, are based on compliance myths about texting with consumers. And those myths may be holding lender back from using SMS as much as they could. Let’s debunk three of those myths.
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