Collections & Credit Risk Article: Technology A Must for Regulation-Weary Collectors
Tags: Consumer Information, Collections, Debt Recovery
To meet the increasing regulatory requirements on our business, we must obtain a wide variety of information about consumers, said Mike Cushing, Executive Vice President of Business Development for Fourscore Resource Capital. The tech advances help his company and others avoid noncompliance, he added.
The regulatory environment has never been so adverse for the accounts receivable industry. One mistake, such as using a wrong turn of phrase in a letter or calling a cell phone listed on an application for credit, can launch a costly and time consuming legal battle.