Compliance
"FTC Wins $10 Million Judgment Against . . ." July 28, 2005
"Debt Collection Agency Fined $2.25 million" November 24, 2008
"Collection agency hit with record fine"
November 29, 2005
"Collection Agency ordered to suspend operations" Multiple
Did you know that one rogue agent can rack up fines of $1,000,000 in a single afternoon! Recently several large financial institutions have made news disclosing that they “lost”, “misplaced”, “accidentally sold” or otherwise compromised private account information. Others have paid hefty public fines for compliance violations. What do other software companies do to keep you out of the headlines? eCollections was designed around industry best practices and has specific functions built in to help your company avoid these types of financial or PR nightmares.
In fact, eCollections has worked closely with customers for FDCPA and FCRA compliance, but our commitment does not stop there. eCollections has gone the extra mile with our customers through multiple compliance audits and certifications including: GLB, SOx, PCI, SAS70 Type II, and HIPAA. Compliance tools available are:
Call Recording - Use eCollections dialer functionality or your own PBX or dialer. Know what you agents are saying and be ready to defend yourself when complaints are inevitably filed.
Automated Recording Analysis - Still have people listening to calls? It's expensive, inefficient, and there is a better way. We offer an integrated solution that electronically "listens" to each and every recorded call identifying and flagging words that you want your employees to say, the "mini miranda" or specific parts of your script, for example. In addition, the software identifies and flag "negative" words or phases. You decide what you do/don't want to hear and set up your business rules. No voice training required!
Once the calls are processed they can be reviewed in a graphical or text format by group, agent, or by specific calls. Upon clicking it takes the manager to the exact spot in the call where the "violation" occurred. By implementing this feature clients have achieved a much higher level of compliance, removed continual violators, and improved profitability by reassigning or eliminating their human compliance monitors. (3 to 7 full time employees) The job is now handled by 1/2 to 1 FTE - a remarkable 7 to 1 improvement!
Realtime Screen Monitoring and Recording - Maintain visibility on collection agent activities anytime, all the time. Monitor all collection agent activities including software activities. Stop fraud before it starts, reduce training costs, find violations early and immediately prevent future violations. Securely monitor multiple offices from any location.
Take advantage of industry trends like outsourcing, remote offices, and "work from home" collection agents. Powerfully simple tools in eCollections give unparalelled visibility to managers so that agents on the other side of the world receive the same training, scrutiny, and quality controls as agents across the hall.
Business Rules Engine - Working with some of the top agencies in the country eCollections has many rules built in such as alerting users that an account cannot be called because of same day contact or time of day. You can add or modify business rules to fit specific state or local rules, or match up with internal policies or processes. This flexibility means a tremendous savings over making expensive code changes.
Agent Scripts - Customize for each client, package, or portfolio - or use the same one for all. Give your agents the tools they need to be successful from day one. No flipping charts or missing pages. Everything is all on the screen. When a debtor responds the agent clicks the response and the next branch of the script is right in front of them.
Comprehensive account history and audit trail - eCollections stores the account history and provides an audit trail that can stay active or be archived. Safeguards are built in so that accounts, details, and history cannot be deleted without multiple, specific authorizations.