Top Tips for Staying Compliant with UltimateCompliance

If you follow industry news, you know by now that the CFPB is cracking down and looking to institute standards into the ARM industry.  Some of their regulatory standards are going to challenge your ability to not only collect on the debt you have in your organization, but further inhibit your ability to do so in a profitable manner.

Some of the main compliance initiatives the CFPB has put forth include:

1. Record keeping and your ability to track the performance of your policies and procedures
2. Quality Control & Call Monitoring processes
3. Agent certification and alignment with FDCPA/FCRA/HIPPA/UDAAP standards
4. Complaint Tracking
5. Technology Risk Assessment

Fortunately, we now have a blueprint for compliance built into our UltimateCompliance offering. UltimateCompliance provides a complete ability to manage and control all of the documents related to your organization, including version control of those items.   This enables your organization to mitigate any potential risk associated with letters or notices you send out, complete tracking of your service level agreements, client contracts, state licensing requirements, etc.

On the collection floor you now must ensure your agents are not only trained in each of the unified areas of the recovery process such as FDCPA/FCRA/HIPPA/UDAAP, but we have also seen a multitude of 1st party entities instituting their own external agent certifications. Within UltimateCompliance you have the ability to track all of these training measures by agent and automatically notify your management staff when agents are falling out of compliance with your regulatory standards for each unique certification. You can also automatically institute corrective action training events based upon your quality control processes.

When it comes to call monitoring, UltimateCompliance allows for you to monitor within the system and it will also generate a history of performance that is associated with the agent and your clients, offices and departments.  If your clients have their own standard associated with this process, UltimateCompliance can provide a scoring element to the process in order to initiate the necessary corrective action events within your company.

Another key initiative for your organization to remain compliant is the ability to track and manage any and all complaints that your company receives. This process can be a very difficult endeavor and end up costing a lot of money as you remove key individuals from your collection processes. To help with this, UltimateCompliance offers the ability to automatically retrieve key pieces of information such as notes/memos, transaction information and the history of the account in question and associate it with the complaint. The system is also designed to assign key tasks to different individuals and create their own queue of initiatives to be worked in the proper order based upon due dates.

UltimateCompliance is designed to continually be updated based upon all of the key points of interest provided by the CFPB and will continue to be your one stop source for all of your regulatory and compliance needs. If you would like to hear more regarding compliance and the upcoming events regarding the CFPB, please contact your Columbia Ultimate account representative and they will be happy to schedule a call with you.