Daily Digest – July 28. ACA’s Convention Kicks Off, In Person; Bedard Discusses New Validation Period Requirements

ACA INTERNATIONAL’S 2021 CONVENTION KICKS OFF … IN PERSON

  • This year’s annual ACA International Convention, which kicks off today here in Las Vegas might be one of the most highly anticipated events in the history of the association. This marks ACA’s first in-person event since Spring Forum 2020, and there are no shortage of important topics that will be addressed in the coming days within the walls of Caesars Palace.

BEDARD DISCUSSES NEW VALIDATION PERIOD REQUIREMENTS

  • The model validation notice represents a complete top-down overhaul of the validation notice that debt collectors have been sending since the Fair Debt Collection Practices Act was enacted back when disco was king. Among two of the major changes to the information that collectors will now be required to include in their validation notices are covered in the latest episode of “You Wanted a Rule, You Got a Rule.” In this episode, John Bedard of Bedard Law Group walks through Section 1006.34c(3) of Regulation F, which covers information about consumer protections that are required to be communicated as part of the validation notice. And collectors will see that not only do they have to get more specific, they are going to have to include a link to the Consumer Financial Protection Bureau in the notice, too.

LOAN APPLICATION VOLUME RETURNS TO PRE-PANDEMIC LEVELS: CFPB

  • In order for a collector to have a debt to collect, a consumer has to obtain some form of credit. That could be as simple as the balance from a visit to the doctor’s office or as complicated as a mortgage or auto loan. The COVID-19 pandemic sent many consumers to the credit reports, analyzing them and identifying old debts that needed to be repaid in order for the consumers’ credit scores to improve. And now it seems as though more consumers are taking advantage of the end of the pandemic and higher credit scores by going out and applying for credit in numbers that were seen before COVID hit the United States in March 2020, according to data published yesterday by the Consumer Financial Protection Bureau.

TCN CONSUMER SURVEY FINDS AMERICANS OVERWHELMINGLY PREFER TO INTERACT WITH LIVE PERSON WHEN DEALING WITH CUSTOMER SERVICE REPS

  • TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs and collection agencies, today released the results of its inaugural “Consumer Insights about Customer Service” survey of American consumers. The national survey, conducted by OnePoll and commissioned by TCN, reveals Americans overwhelmingly prefer to interact with a live person when dealing with customer service centers. Furthermore, when waiting to speak to a customer service representative by phone, they are willing to wait on hold for six minutes on average, but the average actual wait time is three times longer, averaging 17.4 minutes. The survey also finds companies that prioritize good customer service are likely to be rewarded by consumers with increased brand loyalty and positive online reviews.

WORTH NOTING: Why you might want to consider opting out of the child tax credit … A million-dollar Ferrari has been parked in a barn for 47 years … Campbell’s is redesigning its soup cans for the first time in 50 years … The shadow that a rise in COVID cases is having on employers bringing people back to work … Millennials are leaving a lot of money on the table … What you need to know before the next time you order popcorn at a movie theater … Unemployment benefits are not what is keeping people fro coming back to work … People remember the best financial advice they ever received.

How to beat burnout

The neuroscience of branding

The Daily Digest is sponsored by TCN. Today, contact centers need to do more with less. TCN’s cloud-based predictive dialing tools and services help clients to leverage the most sophisticated inbound, outbound, and blended calling technologies available. TCN’s award-winning platform offers multiple features to assist in compliance while improving performance with no hardware, no monthly minimums, or maintenance fees. Call 866-745-1900 or visit tcn.com today.

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