7 in 7

CFPB and Managing Contact Attempts

The new CFPB rules impose frequency restrictions on debt collectors, limiting the number of telephone calls that can be made to a consumer about a particular debt to seven in a seven-day period—along with a seven-day hiatus after talking to the consumer about that debt.

What’s the Problem?

This isn’t just about reaching consumers at home either. It applies to reaching the consumer on any phone number. This is going to require you to become more strategic about how you are calling and raises some questions:

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What call attempt restrictions or internal rules do you currently have in place?

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Will these keep you in line with the new government mandates? If not, there will be penalties.

Are you in a position to closely monitor your dialer operations to ensure you don't exceed the prescribed amounts?

How Can LiveVox Help?

It starts with the right technology.

At LiveVox, we offer Attempt Supervisor, which drastically simplifies how you manage your voice, email, and SMS contact attempts to meet CFPB requirements, consumer preferences, and your own operational parameters. With Attempt Supervisor:

  • You can align your outreach strategies with specific CFPB rules and regulations
  • Drastically simplify how you configure multichannel attempt controls across your entire network
  • You’re in control regardless of whether your agents are in-house, working remotely, or outsourced
  • The rules you set cannot be overridden anywhere on your network, eliminating the possibility of agent error
  • Updates can be made on-demand and are immediately reflected in the system.

Don’t leave it up to your agents to comply with the “7 in 7” rule—the risk of human error is too high. And don’t wait until after you’ve run afoul of the rule to implement the right solution—the penalties for non-compliance are all too real. Instead, be proactive. The sooner you get Attempt Supervisor in place, the sooner you can start enforcing contact limits that let you worry less about CFPB compliance and focus more on making the most of each customer interaction.

The 60-second demo:

How to use LiveVox’s Attempt Supervisor to manage contact attempts.

Fill out the form below to request a demo.

What Do You Need to Do About the New CFPB Rules?

Evaluate Your Operations

Assess whether you are breaching the rules now and whether you’ll be able to make sure you don’t in the future.

Create a Strategy

Understand what processes and products you will need to have in place to comply with the new rules. Determine when you should start testing them.

Be Proactive

Make sure you have the right technology in place to ensure you follow the rules.

Use Digital Channels

SMS and emails will not count towards the 7 in 7. Supplementing your calls with digital channels will be key to reaching consumers, but don’t overdo it.

Monitor, Monitor, Monitor

Run exception reporting and see how many attempts you’re making to consumers in a seven-day period.

Capture Consent

It will be more critical than ever to capture channel-specific consent from consumers. This will require robust consent management.

Resources

LiveVox [eBook / CFPB]

CFPB Guide

A concise, clear and straightforward guide to the new CFPB rules

LiveVox Sucess Story_New Credit America Brings Back the Human Touch to CX

CFPB Webinar Replay

Listen to our experts take you through the ins and outs of the new CFPB rules

The information on this page does not constitute legal advice and you should seek guidance from your own independent counsel when making operational decisions in relation to the CFPB’s new debt collection rules.

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