Your initial thoughts when considering how to assess a possible debt collection agency partner are probably not data security and compliance but rather performance or experience. However, when picking a debt-collecting agency, operational compliance and cyber security are still essential. When working with an accounts receivable management business, your risks are minimized by making sure that the data of your customers is protected and that they are handled properly in accordance with statutory requirements. When choosing your next collection agency, keep an eye out for these crucial qualities.
Security Certifications and Audits
The news is still dominated by security breaches. Therefore, in order to safeguard their clients, collection agencies are raising their cybersecurity standards. Verify that the prospective partner possesses the most recent and advanced security certifications.
You might be able to learn what certifications to seek from your IT department or a cybersecurity specialist, such as PCI DSS 3.2.1 or a SOC 3 report. However, one thing you may look for in this alphabet soup is whether your prospective partner utilizes a self-audit or a professional auditor. More so than self-evaluations, third-party auditors will vouch that a debt collection agency complies with the stringent requirements for security certifications.
Even if a business is certified or passes an audit, nothing guarantees that nothing will change in a month. A combination of internal audits and outside auditors should be used by your organization to regularly check the effectiveness of its security procedures. Verify that your collection partner conducts audits on a regular basis. If they don’t, they can be endangering the security of your data.
Regulatory Compliance and Protocols
Because the collection business is dynamic and always evolving, your collection partner should be focused on regulatory compliance. Inquire about your partner’s system for managing compliance risks, which ought to establish the essential checks and balances to shield you, your clients, and the agency from any risks.
Of course, a third party debt collection agency must adhere to all applicable regulations, including those set forth by the Consumer Financial Protection Bureau (CFPB), the Fair Debt Collection Practices Act (FDCPA), the Telephone Consumer Protection Act (TCPA), as well as those of the several states that regulate collection activities. Each of these aims to safeguard patrons from abuse and provide fair treatment.
Additionally, your collection partner should:
• Train and reinforce regulatory laws as part of its organizational objectives
• Schedule regular tests on applicable laws
• Regularly conduct internal and third-party audits of all processes
• Verify vendor due diligence
• Address and track all consumer complaints
• Audit call quality to ensure compliance
What Are Your Agency’s Core Values?
Looking at their culture and basic beliefs might often be the best method to confirm that you’ve selected the proper debt collection agency for your business. Do their values reflect a concern for data security and compliance? How do they approach customers in light of those values?
People, Integrity, Performance, Pride, and Innovation are the guiding principles of a reputed debt collection agency. Their attempts to obtain the highest security and compliance standards and certifications are guided by the values of Innovation and Integrity.
Excellent data security and compliance result from a sincere desire to protect both your company and your customers. Learn more about how a third-party debt collection agency demonstrates empathy in collections and how this improves your business performance. Contact a reputed collections firm in the USA to get better results.