One aspect of debt collections that is mission critical and an area here at American Profit Recovery that we place a lot of resources behind is compliance. Staying compliant with all the rules and regulations that govern debt collections is just another area of our culture that carries immense importance.

Recently our own Bruce Beegle achieved the designation of credit and compliance officer through ACA International.

After many educational sessions conducted by ACA international and of course rigorous testing, Bruce received this accreditation which will only further our ability to enhance our compliance strategies in debt collections. It’s an important milestone.

As you might imagine, the debt collection industry is one of the more heavily regulated industries in our country. Laws and regulations are meant to protect consumers and collection agencies must not only understand laws in every state they do business in, but follow these laws meticulously. Bruce will be responsible for ensuring every team member is aware of these regulations, creating systems for compliance with an end game of enhancing the consumer experience.Bruce

Some of the main components of compliance that are covered in the designation include ethical debt collections, data furnishing procedures, as well as data protection, writing effective policies and procedures for debt collectors, and understanding the FDCPA as well as the CFPB, both federal regulations that debt collection agencies must follow.

Aside from federal government regulations, individual states can also enact their own debt collection laws, and that can differ from state to state. That’s why Bruce’s role here is so critical because we serve as a nationwide debt collection agency.

“It’s becoming more crucial that your compliance officer has the resources to be able to handle all these situations,” says Bruce. “That’s why I’m so proud to be part of the ACA international designation because of the resources they have.”

Utilizing the resources of ACA International, Bruce will continue to research compliance issues, keep up to date with changing regulations and together with internal resources, make the necessary recommendations and policy changes for communicating with consumers.” It’s definitely a team effort for sure says Bruce.”

“Compliance needs to be part of our culture and there is no other way to do this,” says Bruce.”

Bruce also says that because of the complexity of laws that debt collection agencies need to follow, compliance provides another level of protection for the organization. A prime example is the different laws and regulations dictated by individual states. Bruce says it is absolutely critical that compliance takes a proactive approach to mitigate any type of legal issues that could arise.

Bruce also says that you need to think about the nature of the debt collection industry and the sensitive information that professional collectors handle each and every day. He says it’s important to maintain that sensitive information in a compliant, ethical manner.

Bruce says that consumers should also feel comforted in knowing that American Profit Recovery places such immense resources into maintaining compliance in the industry.

“Everything we do, policies, procedures, individuals behavior, and making sure we’re all compliant is to give the consumer not only the best experience possible but the most ethical and compliant experience that they can have .”

Published On: August 17th, 2023Categories: Advice for Businesses, Small Business Collections, Team APR

Need to discuss your debt collection needs with APR?  Call (800) 711-0023 or use the form below to request more information.

    Share This Story, Choose Your Platform!