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

Has the Gramm-Leach-Bliley amendment effectively outlawed legacy collections software?

The Gramm-Leach-Bliley Act sets out clear requirements for the privacy, security, and management of customer data. To keep up with these requirements, you need a modern collections platform. This is because legacy software struggles to keep up with the modern world of data security.

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

Striking a balance between technology and customer relationships is the key to enhancing your collections performance. By doing so, you can have the information you need to build effective collections strategies while saving time for you and your team.

Blogs

Why configurability and compliance go hand-in-hand: a guide from C&R Software

Making sure your operations are compliant across regions, industries, and a growing customer base can be a challenge. With legacy software, achieving this with inflexible systems becomes an even bigger challenge.

Blogs

Why you need a balance between technology and strong customer relationships

Blogs

The power of customer data at each stage of collections

Customer data is king when it comes to your customer journey through collections. It helps you paint a clear picture of the past, present and future of their finances to support your strategies. And by harnessing it properly, you can shape their future to be one of financial stability.

Blogs

Why a System of Record is essential to comply with the TCPA

Regularly communicating with customers throughout their collections journey is key to guiding them back to financial good health, but must be done mindfully and without being seen as predatory.

Blogs

General Data Protection Regulation in collections – why organizations are still noncompliant

General Data Protection Regulation (GDPR) covers the key principles of customer data privacy and protections. These rules apply across industries and regions, with the unified goal of giving customers more control over their personal data in a digital world.

Blogs

The Fair Debt Collections Practices Act – communication and record storing requirements

Compliance in collections is about more than making sure you’re following the rules. It’s about protecting customers and following the right processes and procedures to help them reach financial stability.

Blogs

The dangers of legacy collections software

Deciding to transition your entire collections software is a time consuming but necessary part of modernizing your strategy. Refusing to do so means you may end up losing your customers or risk legal repercussions through breaching data regulations.

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We’ll be adding thought-provoking content and insights on a regular basis. Let’s stay in touch!