- The Consumer Financial Protection Bureau (CFPB) finally published its long-awaited proposed new rules for debt collection.
- With California as a cornerstone, privacy legislation swept the country.
- Robo call practices were attacked with lightning speed by both houses of Congress (TRACED Act).
- The credit and collection industry finally embraced digital communication technologies.
Resolution #1: Read These Three Publications (and the Fourth if You Credit Report)
- The State of Third-Party Collections 2019: Challenges, Trends and Innovations (TransUnion) – This TransUnion Report (Copyright 2019, Transunion LLC) is the best in its class, and something that’s all too rare: an accurate, well-designed study about the third-party collections industry. Topics include relevant industry trends, collection operations and related outcomes, tools and technology, and consumer communications. >>> Download the State of Collections 2019
- CFPB Supervisory Highlights, Issue No. 18 (Winter 2019) and Supervisory Highlights, Issue No. 19 (Summer 2019) – In these reports, the CFPB shares its findings in the areas of UDAAPs, debt collection, credit reporting, and other markets subject to its supervision completed between December 2018 and March 2019 (Winter 2019) and between June 2018 and November 19 (Summer 2019). Understanding how the credit and collection industry’s chief regulator is interpreting and enforcing the law and directing remediations is a great way for you to learn what to stop doing and what you should start doing to improve your operations. >>> Download Winter 2019 Supervisory Highlights >>> Download Summer 2019 Supervisory Highlights
- CFPB Supervisory Highlights, Consumer Reporting Special Edition (Aug 2, 2019) – Topics include the Fair Credit Reporting Act, supervision, credit reports and scores, identity theft and fraud, debt collection, banking, and financial service providers. In this special edition of CFPB Highlights, the CFPB focuses on the numerous root issues plaguing consumers and data furnishers alike. >>> Download Supervisory Highlights Consumer Reporting Special Edition
Resolution #2: Reduce Your Head Count
Resolution #3: Move Up the Food Chain, and Walk Away from Out-of-Statute Debt
Resolution #4: Watch the Expense Column, and Invest in Your Future
“Ben Mohr, senior research analyst of fixed income at investment consultant Marquette Associates, calculated that total U.S. consumer debt hit $14 trillion in the first quarter of 2019, surpassing the roughly $13 trillion of leverage accumulated in credit cards, auto loans and mortgages and other debt back in 2008, when those souring loans and securities pegged to them helped to send global markets into a tailspin.” – Mark DeCambre, MarketWatch
- Manual skip tracing (80%)
- Collection management software (77%)
- Online payment portal (72%)
- Toll-free number (63%)
- Call recording (63%)
- Letter vendor (57%)
- Batch skip tracing (52%)
- Consumer data (45%)
- Compliance software (35%)
- Predictive dialer (31%)
- Interactive voice response (IVR) (21%)
- Speech analytics (17%)
- Other (7%)
Resolution #5: Accept, Understand, and Embrace Real Time Payments (RTPs)
Make 2020 a Year of Ambitious Goals and Even Greater Results
Disclaimer: Ontario Systems is a technology company and provides this blog article solely for general informational and marketing purposes. You should not rely on the content of this material for any other purpose or as specific guidance for your company. Ontario Systems’ advice, services, tools and products described herein do not guarantee compliance with any law or industry standard. You are ultimately responsible for your own company’s actions and compliance efforts. Because everyone’s situation is different, you must consult your own attorneys, accountants, and/or other advisors to obtain specific advice on your company’s compliance, legal, tax, regulatory and/or other business needs. Despite Ontario Systems’ efforts to provide current and up-to-date information, you need to recognize that the information contained herein may become outdated quickly and may contain errors and/or other inaccuracies.
© 2020 Ontario Systems, LLC. All rights reserved. Information contained in this document is subject to change. Reproduction of this publication is not permitted without the express permission of Ontario Systems, LLC.
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