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Seven in seven

CFPB and Managing Contact Attempts

The CFPBs new debt collection rules limit the number of times you can try to call a customer about a particular debt to seven attempts in seven days unless they have provided specific consent (and even then there are limitations).

What’s the Problem?

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

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

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 dialler operations to ensure you don’t exceed the prescribed amounts?

How Can LiveVox Help?

It starts with the right technology.
At LiveVox, we offer Phone Dial Attempt Supervisor (PDAS), which drastically simplifies how you manage your contact attempts to meet compliance and customer preference requirements. With PDAS:

  • Drastically simplify how you configure voice 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.

You need to have the right technology in place and make sure it’s working well before the new regulations are enforceable. So, be proactive, secure the right product, and start working on your processes now.

The 60-second demo:

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

Fill out the form below to request a demo.

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

Be Proactive

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

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 customers.

Monitor, Monitor, Monitor

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

Capture Consent

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

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

Solution: Consent Management

CFPB and the importance of Managing Consent

Solution: Agent Desktops

Using digital channels to increase chances of contact beyond 7-in-7

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

Agent compliance and asking for consent

Resources

LiveVox Success Story_Eastern Improves CX with Digital Channels

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 CFPB.

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