How to Ensure Compliance at Your Debt Collection Agency

Compliance concept for debt collection agencies

Debt collection is a tough business, and debt collection agencies must work hard to understand what they can and cannot say and do to consumers and businesses in debt.

With all of the rules and regulations established for debt collection agencies, it proves difficult to stay 100% compliant, but it’s not impossible.

Let’s break down how to ensure compliance at your debt collection agency:

Provide proper training for collectors

First and foremost, you must ensure your debt collectors know what they can and cannot do as they interact with consumers and businesses.

Provide proper training to reinforce the rules and regulations of debt collecting.

Debt collectors must know how to fairly treat their debtors, avoiding any deceptive or abusive practices. They must understand how and when to send proper notice of debt and learn how to protect the debtor’s privacy.

Encourage overall professionalism

Debt collection is a sensitive field, and agents must work to communicate with consumers and businesses in a fair and professional manner.

Harassing speech is unacceptable in the field of debt collection. Debt collectors must call debtors at appropriate times, avoiding contacting them in the early morning hours or late evening hours.

Collectors must avoid abusive or vulgar language, and must work to fairly represent the amount owed. Debt collectors need to correctly identify themselves and cannot pretend to be a lawyer or type of law enforcement. Collectors must respect a debtor’s privacy by not sharing their name or personal information with anyone.

Invest in phone software for tracking

While properly training debt collection agents and encouraging an environment of professionalism will set your agency on the path to compliance, one of the most effective ways to ensure compliance is by investing in phone software which tracks your agent’s phone calls.

Technology like speech analytics allows you to track your agents and stay on top of potential compliance issues.

By recording your agent’s calls, you can search through the call’s transcripts to flag issues requiring attention, analyze each customer interaction to find the agents who are not following proper protocol, and achieve 100% compliance.

Trust the speech analytics from Vaspian to find the strengths and weaknesses of your agents, identify potential issues, ensure effective practices, and keep your agency compliant.

Contact us today to learn more about achieving 100 % compliance.

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