Like just about every industry, the world of debt collection has rules and regulations that must be followed. Compliance is a sign of a collection agency’s professionalism and commitment to behaving in a responsible and ethical manner. It safeguards both the agency itself and the clients it represents. Here’s what compliance means for a collection agency like Business Professional Collection Services here in northern Nevada.
What is Compliance?
Compliance is a reference to the actions of upholding all the laws, regulations, policies and procedures that are in place. Doing so offers stability and protection to a collection agency’s clients and consumers from any potential ethical conundrums. By staying compliant, debt collection agencies help to build and maintain confidence in the industry as a whole, while also lowering the possibility of any legal issues.
There are multiple rules and regulations that reputable collection agencies must understand and follow:
• Consumer Financial Protection Bureau: The CFPB ensures financial companies, banks and lenders treat their clients fairly.
• Telephone Consumer Protection Act: The TCPA regulates telemarketing, auto-dialed, and prerecorded calls, as well as unsolicited faxes and the National Do-Not-Call List.
• Fair Debt Collection Practices Act: The FDCPA governs debt collection practices and prohibits abusive, deceptive, and unfair debt collection practices.
The Role of Compliance
For BP Collect, compliance is a cornerstone of our approach to collection. We work closely with our clients to manage compliance risk by ensuring that our staff, collection processes, and documentation not only meet but truly exceed the highest standards in the industry. This is accomplished through comprehensive oversight, a laser focus on our client and customer relationships, ongoing monitoring and program auditing, and the internal development of stringent standards for data privacy and security.
Compliance is critical to protect the integrity of not only our business, but those we represent during the debt collection process. At BP Collect, we understand the importance of preserving your customer relationships, and we’re committed to treating every consumer fairly. We make this happen by following both external and internal compliance programs.
The downside of working with a collection agency that isn’t committed to compliance is simple. You run the risk of exposing your business to more risk. If avoiding legal and ethical violations is important to your business, it should be equally important to the debt collection agency representing you. In northern Nevada, that’s BP Collect. Contact us today to learn more about our approach to compliant collections.