The Debt Collection Report 2022 examines how collection organizations have adjusted to new and remote working environments in a post-pandemic world. It looks at impacts on workflows, resource shifts and investment, and changes in approaches to the customer relationship.
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Shifting consumer demographics and continually changing regulations have created new challenges that affect the collections workflow for both first-party and third-party collectors. Among the biggest pain points for collectors is access to quality data. Lack of accurate, up-to-date information wastes time, drains resources and prolongs the recovery process.
Ineffective scoring models also create inefficiencies and increase the risk of non-compliance, potentially leading the collector to contact the consumer too frequently or via the wrong channel. Compliance is a growing concern, forcing collectors to keep abreast of regulation changes in order to avoid lawsuits and fines.
Complete the form to download the Optimize your Debt Collection Workflow ebook
Ensuring compliance with collection laws in today’s heavily-regulated industry is an on-going process, one made all the more complex by frequent changes. Both first-party and third-party collectors risk costly penalties and reputational damage for non-compliance.
The new regulations obligate collectors to be diligent in keeping call records and abide by the 7-in-7 rule. How are collectors coping? Some have turned to digital channels (text, email or portals) to fill the call void.
Complete the form to download the Regulatory Impact on Debt Collections ebook