In less than 60 days, the CFPB Regulation F requirements take effect.
In simple terms, it means collectors can:
Make seven call attempts within a seven-day period
Make one call within a week of speaking with the “right party.”
Strategies must be altered, and creating sequencing that supports your delinquency goals and loss forecast can be challenging.
The CFPB allows for the use of newer technologies, such as email, SMS text, and social media, to name a few. The timing and frequency aren’t being prescribed and should be coalesced with your phone call strategy.
Are you prepared?
Regardless of where you are on your collections transformation journey, join me next week for our webinar, Optimizing Strategies to Improve Collections, where I will share how you can leverage an omnichannel strategy to maximize contact, improve digital adoption, and reach your customers through their “channel of choice.”