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Resources for Collections Organizations
Regulation F from the Consumer Financial Protection Bureau (CFPB) threatens to upend collectors’ outbound communications models. Collectors may make only seven phone call attempts in a seven-day period under the regulation—the so-called “seven-in-seven rule.”
The seven-in-seven rule exacerbates legacy challenges that have depressed collectors’ right-party-contact (RPC) rates for years. Once tolerable costs of doing business, Regulation F transforms these challenges into significant threats against business solvency:
- Legitimate calls blocked and mislabeled as spam
- Incomplete or outdated consumer data
- Lack of insight into consumer communication behavior (e.g., preferred channel, preferred phone number or email address, ideal contact time)
Collectors that overcome these challenges and comply with Regulation F will be more likely to connect with consumers and arrange payment before their less-innovative competitors. The first step is to implement more sophisticated outbound communications strategies using better consumer data.
Download these Neustar resources to learn how forward-thinking collections organizations take a “quality-over-quantity" approach to contacting consumers while complying with Regulation F.
Get Consumers to Pick Up on the First Dial
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Which Contact Strategies Will Be Most Effective After Regulation F?
Read this article to learn:
- Why no single outbound communications method will sustain collections operations
- How aligning an intelligent omnichannel approach with consumers’ communication preferences increases RPC rates and maintains compliance
Why Channel Optimization Means Rethinking Your Relationship with Consumers
Read this article to learn:
- Why RPC rates are plummeting for collectors that rely solely on the voice channel to reach consumers
- How thinking like a marketer promotes consumer engagement at the channels and times consumers prefer
Don’t Overlook Inbound Calling
Read this article to learn:
- Why negative customer experience for inbound callers costs collections organizations opportunities to capture revenue
- How to improve the chances that consumers will pay outstanding debts when they call in via engaging inbound callers immediately
How Consumer Preference Will Shape the Future of Collections
Read this article to learn:
- Why even collectors that do everything to comply with the word and spirit of regulations frequently alienate consumers and reduce revenue capture
- How adopting a customer-service mindset improves operational efficiency, sustains compliance posture, and increases successful collections outcomes
When Each Call, Text, and Email Counts
Download this white paper to learn:
- Why traditional outreach strategies will hinder collectors’ ability to reach consumers once the CFPB’s Regulation F goes into enforcement
- How forward-thinking collectors are preparing to comply with Regulation F and contact consumers faster
Meet the CFPB 7x7 With Intelligent Contact Data
Watch this webinar to learn:
- Why the quantity-over-quality outreach strategy typical of some collections organizations clashes with the CFPB’s Regulation F seven-in-seven rule
- How an intelligent outreach approach that spans calls, texts, and email complies with Regulation F, improves RPC rates, and allows for more efficient and effective contact
Q&A: Why Customers Won’t Take Your Outbound Calls
Read this FAQ to learn:
- Why critical outbound calls are not getting picked up, hurting both companies and consumers
- How to restore customer trust in outbound calls and improve outbound call center contact rates
Preparing for the Wave of Delinquencies and Defaults
Watch this webinar to learn:
- Why collectors’ right-party-contact rates and operational efficiency may degrade as more consumers are evicted or forced to downgrade phone service
- How collectors with more accurate consumer data and insight into consumers’ phone behavior will be better positioned to make contact and arrange for payment efficiently