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In a recent Research Assistant Peer call, we discussed the use of metrics to track the outcomes of disputed accounts, specifically focusing on how many of these accounts result in payments after the disputes are resolved or addressed. It was fascinating to hear the range of percentages shared by members, which varied from 22% to 80%.
Naturally, various factors will affect these numbers, so it’s essential to compare “apples to apples.” For instance, do your dispute metrics include credit reporting disputes? Are any of these accounts tied to judgments? Are the payments voluntary, or are they the result of garnishments or insurance payments? These variables are key to understanding the effort involved in obtaining a payment.
A common sentiment among agency operations staff is that working on disputed accounts is a wasted effort, with the assumption that “they aren’t going to pay anyway.” But is this true?
Using actual metrics to assess how many disputed accounts result in voluntary payments can help guide your agency’s efforts. By determining the appropriate level of effort to invest in these accounts, your agency can become more efficient and potentially reduce the number of complaints.
One member shared a process that demonstrates the value of using this data effectively. Their agency runs specific campaigns targeting disputed accounts and conducts separate outreach to these consumers. It’s important to remember that a dispute does not necessarily equate to a cease-and-desist request. Always ensure compliance with the FDCPA regarding cease-and-desist cases. If a consumer issues a verbal dispute, expresses confusion about the debt, or requests more information or proof, their outreach approach is to confirm whether the consumer received the requested documentation and to offer assistance in answering any questions.
Training collectors to handle disputed accounts properly is crucial to maintaining compliance and ensuring consumer satisfaction. Tailoring scripts and training programs to address common types of verbal disputes can streamline the resolution process. When agents are familiar with frequent disputes, they are more likely to resolve the issue in a single call.
Providing ongoing feedback to trainers, collectors, and your quality assurance team can help those who struggle with these interactions become more confident, professional, and knowledgeable in handling disputes. This approach not only improves compliance but also enhances overall consumer relations
Once you have this information, you can identify the most common verbal disputes and develop scripts and training designed to help consumers and resolve debts more effectively. When agents are familiar with these common disputes, they can resolve them more efficiently, often within a single call. Providing continuous feedback to trainers, collectors, and your quality assurance team will help those who struggle with these interactions become more confident, professional, and knowledgeable in handling calls successfully.
Take a look at the CFPB recent Annual Report on the FDCPA.
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