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Collection organizations invest heavily in call recording systems to track their activities and debt or commitments. Yet in 2012, the Federal trade commission received 125,136 FDCPA complaints, representing more than $100 million in potential fines for improper collection activities**. Also, the Consumer Financial Protection Bureau (CFPB) is now collecting consumer complaints, and early numbers suggest the complaints aren’t going away— even as new regulatory guidelines are designed to reduce debt collection missteps.
A leading collection agency, specializing in secondary and tertiary debt, experienced a significant increase in financial penalties due to FDCPA violations and litigation. Management was concerned that continued violations would severely affect the company’s long-term viability and profitability.
“We wanted to find a way to reduce our exposure to FDCPA violations and litigation, while improving collector performance. Now, we can monitor virtually every call. We’re able to quickly isolate compliance issues, improve collector training, and increase collections performance.”
—Director of Operations, Leading Debt Recovery Company