Debt collection is a highly regulated business, the companies that thrive in this setting are leaders in compliance and certification. The Consumer Financial Protection Bureau (CFPB) released its final ruling for Debt Collection Regulation F (effective November 30th, 2021), which was designed to provide more information for consumers and enable them to communicate with debt…
With collection agency values reaching their highest levels in decades, this may very well be “the golden age of debt collections.” Drilling down through the layers of agency functionality provides some insight into how those values promote compliance. While most of the values support an organizational framework that indirectly influences compliance, the value of respect…
Collecting on accounts receivable can bring in sizable amounts of revenue to clients, but third-party debt collection agencies should maintain a compliance management system (CMS) to provide legal compliance and other benefits. First, a CMS enables agencies to remain compliant with federal, state and local laws that protect consumer interests. The approach ensures that every…
ACA International, the Association of Credit and Collection Professionals, is rolling out three new collection certifications in 2018. Two of the certifications, Professional Collection Management and Collection Industry Professional, are detailed on the organization’s Education & Training page while the educational phase of Credit and Collection Compliance Attorney certification will debut at the ACA International…
An article about state debt collection regulators in the November 2017 issue of Collector magazine is a timely reminder to agencies operating across the United States. Penned by Editor Anne Rosso May, “Getting Your Ducks in a Row: How to make your life easier when state regulators come knocking” serves as a checklist for agencies…