Part 1 of this series discusses the business need for a robust quality assurance process and identifies effective call monitoring and speech analytics as critical components. This part will identify three additional critical components and […]
The financial services industry operates in a dynamic legal and regulatory environment where expectations are constantly changing and the consequences of non-compliance are potentially crippling. Consumer litigation has exploded and the Consumer Financial Protection Bureau […]
The first part of this series discussed the CFPB’s recent proposal requiring debt collectors “substantiate” or possess a reasonable basis for claims that a particular consumer owes a particular debt at different phases of the […]
Approximately 40% of debt collection complaints received by the CFPB involve allegations that debt collectors are attempting to recover from the wrong consumer or in the wrong amount. The CFPB attributes this problem to two […]
On July 28, the CFPB issued its Outline of Proposals under Consideration, which provides insight into pending regulations that will implement the FDCPA and other statutory authorities impacting the activities of debt collectors and debt […]
We discussed that debt collection has a cost in Part 1 of this series. Now, let’s talk about the common pitfalls of collection fees.
Debt collection has a cost. Each year, creditors spend billions of dollars engaging collection agencies to collect delinquent debts. In an effort to mitigate these expenses, creditors have increasingly taken to modifying consumer contract language […]