Take Steps to Prepare Your Servicing Operations Now
The Consumer Financial Protection Bureau (CFPB) has issued two new debt collection rules related to the Fair Debt Collection Practices Act (FDCPA). These new rules focus on consumer protections and add new stipulations to communications between debt collectors and consumers. Managing the “how, when and where” of these rules will be complicated, so servicers should take steps to prepare their operations now.
Black Knight expands on the new regulations and offers tips for preparedness in its complimentary white paper: Prepare Now for the Fair Debt Collection Practices Act.
Key Topics Include:
Passive Collection and Credit Reporting
Consumer Rights and Prohibited Actions
Record Retention on Collection Activities
3 Steps Servicers Should Take to Prepare
Don’t delay your preparations. Take steps to support your servicing compliance requirements.