Without a proper plan, a collection agency can quickly become non-compliant, and violations can be costly.
Regular Training
A collection agency must conduct regular training sessions for their staff to ensure they are well-versed in the latest regulations, customer service, compliance, and negotiation techniques. Their debt collectors should be required to take periodic assessment, and must pass in order to continue to collect. Collection staff should be updated on industry best practices and regulatory changes.
Policy Development
Agency must develop and continually update a set of internal policies and procedures that are designed to comply with FDCPA, State specific laws, HIPAA, and other relevant regulations. Their management / chief compliance officer conduct weekly meetings with the team and update any changes in laws.
Audit and Monitoring
They should regularly audit our processes and monitor their operations to ensure ongoing compliance. All collection calls should be recorded and randomly screened in case there are any shortcomings, those should be quickly addressed.
Data Security
A collection agency must also implement robust data security measures to protect sensitive information. This includes encryption, secure data storage, and strict access controls. Apart from HIPAA and FDCPA, they must be are GLBA, FCPA and PCI compliant.