How to Minimize CFPB Complaints

CFPB Complaints, Collections Agency, Debt Collections


      You may be familiar with the Consumer Financial Protection Bureau, or CFPB for short, but are you aware of the impact it can have on your collections agency business? Debtor complaints to the CFPB can cause you to lose both time and money in the form of lawsuits. Not to mention it can ruin your reputation and drive hard-earned clients into the arms of your competitors. Steps must be taken to ensure that your collection agents interact with the debtors in a respectful and compliant manner.  The following information will help you put a plan in place to minimize CFPB complaints.

      Minimize CFPB Complaints By Being Prepared

      Your collection agents should be prepared before making any contact with the debtors. They must know everything about the situation. Instruct your employees to make copies of everything, including invoices, contracts, and other pertinent information. This action will help them speak to the debtors like a knowledgeable professional and on a personal level.

      Minimize CFPB Complaints By Documenting Everything

      Your collections agents should take careful notes when speaking with debtors on the phone. This includes any comments the debtor makes. The notes can prove extremely useful if the debtor makes a future dispute or files a complaint with CFPB. If your collections agency has tracking software, the agents should immediately input everything into the system. Additional details should be added to the file over time.

      Minimize CFPB Complaints By Not Assuming Anything

      Your debt collection agents should do their homework before contacting the debtors. For example, they should review the file to make sure the debt has not already been paid. Agents should never alienate the debtors. The deficit in question may be a mistake and not a collections issue. All employees must be careful with their words and tone when initially speaking with the debtors. They need to wait and listen to what the debtors have to say. Once again, document all conversations.

      Minimize CFPB Complaints By Acting Pleasant

      Your debt collection agents should speak with the debtors pleasantly. The tone of their voice can dictate how the conversation will go. They need to keep in mind that debtors are facing a difficult situation. If the agents begin the discussion with a friendly, non-confrontational tone, it is far more likely that the debtors will respond positively. Agents should ask if there is anything they can do to help alleviate the situation, provide additional information if needed, and act as they care.

      Minimize CFPB Complaints By Remaining Calm In All Situations

      Your debt collection agents should always stay calm in every situation. This can become extremely difficult when the debtors become verbally abusive. However, the agents must grin and bear it at this point. They can suggest calling back at a more convenient time or allow the debtors to vent their frustrations. Being a good listener can go a long way in these situations. You catch more bees with honey than you do with vinegar.

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      Jason Rabago

      Jason Rabago

      With close to two decades of experience in sales and operations, Jason never hesitates to go above and beyond to meet our client’s expectations. He is our payment solution guru and attentively listens to a prospect’s current concerns to create a custom product offering guaranteed to check every want and need off the list. Reducing risk and increasing revenue is the name of Jason’s game and he loves providing solutions that substantially affect a company’s bottom line. Looking for an insight as to how your company can operate in a more streamlined manner? Reach out to Jason either at one his regularly attended conferences or give him a ring to discuss how Payment Savvy can elevate your business’ potential.