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The CFPB is writing regulations for section 1033: what we know so far

As the modernization of the collections journey steadily grows, so does the vast amount of data firms have surrounding their customers. Understandably, many of these customers would prefer to have access to said data, or at least know what it’s being used for. This is the area that the CFPB’s section 1033 focuses on, potentially requiring you to give customers access to their financial information.

Blogs

Are you ‘transparent enough’ for the CFPB?

Transparency is a core pillar of customer-centricity when it comes to the collections journey. By providing easy access and visibility of data and processes, your customers are far more likely to engage with you and your strategies.

Blogs

Achieving customer centricity with transparency and flexibility

Discover how collections firms can achieve customer centricity through transparency and flexibility, enhancing engagement and financial stability for clients.

Blogs

GDPR compliance in debt collection: Common gaps to address

Explore common GDPR compliance gaps in debt collection, including data accuracy, retention, security, customer rights, and legacy systems.

Blogs

FDCPA communication and recordkeeping requirements

Understand FDCPA and Regulation F communication and recordkeeping requirements, including calls, electronic opt-outs, validation notices, and records.

Blogs

The importance of positive customer experiences in collections

Customers entering collections are facing stressful and difficult circumstances. It’s your responsibility to support these customers to financial stability through positive engagement at each step of their journey. That way, they will be more likely to engage with you, and it will be easier for you to help them.

Blogs

Gramm-Leach-Bliley Act compliance for collections teams

Learn what GLBA compliance means for collections teams, including customer data, safeguards, vendor oversight, audit records, and legacy systems.

Blogs

CFPB hire 75 more enforcement personnel: here's what it means for you

The hiring of 75 more enforcement personnel at the CFPB means the likelihood of a strict CFPB audit on your collections journey has increased dramatically, and by 50% to be exact.

Blogs

Can collections help you retain more customers?

In competitive spaces like telecommunications and banking, customer service has risen to the top of priorities. Retaining customers is no longer a test of brand loyalty. It has been softened by a rise in competition and modernized services. Customers now have greater freedom to choose a service provider based on the quality of their experience.

Blogs

Improving collector productivity, performance, and resolution rates

Customer volume in collections is growing at an alarming rate. Whether it’s from credit plans or the increasing pressure from the rising cost of living, these are more people facing financial difficulties that need support.

Blogs

Use these digital tactics for more effective and human collections

An empathetic and humanized approach to collections has become a main priority in the modern collections space. But you also need to balance the efficiency and effectiveness of your strategy in order to provide the support that customers need. The good part is that they are not mutually exclusive.

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