Compliance is a word that’s in danger of disappearing – not because no one is using it, but because it’s seen too often. Collection industry news items almost always contain the word.
Vendors throw it around when talking about their service offerings. The media assumes collection agencies will never be compliant. When a word is that ubiquitous, our glazed eyes can start to glide over it.
The problem is, it’s still an incredibly important concept. The Consumer Financial Protection Bureau (CFPB) exists because of collection industry compliance – or, rather, the lack thereof. One of the interesting points we’ve been seeing a lot lately, with regards to compliance, is how much money an agency can save by running a compliant operation.
Here are a few areas where compliance actually affects your bottom line:
- Staying abreast of compliance issues may keep you from getting sued.May, of course, being the important word here. But what is clear is: lawsuits cost money – and lawsuits where your agency is at fault come with a host of fines and judgments. A proper and fully-formed compliance program can keep you from getting sued in the first place.
Read the rest of the post, with more areas where compliant collection agencies can save money, on the Array Services Group blog.