Security and compliance – These are arguably the two most important challenges facing the US debt collection industry. With a suite of technology creations that include artificial intelligence-based collection software and a truly integrated dialer, Quantrax has strategically set its sights on software that offers systemic solutions to all of today’s compliance challenges.
Security features deal with access to features and data. Clients are aware that collection companies share resources across multiple projects. Some larger clients will insist that only designated people work their accounts. Access to data must also be restricted based on an individual’s role within the company. Some states require that a collector is licensed in that state before they are allowed to work accounts that originate in that state. Information that could be used to steal identities or access financial data must be protected. All of these requirements can be met with well-designed software.
Dialers offer great efficiency with the ability to quickly work very high volumes of phone numbers. If dialers are not properly managed, they lead to complaints and the violation of some basic rules. A majority of the complaints about dialers relate to nuisance calls (canceling calls before the consumer is able to get the to the phone, or dead air when the call is picked up), calling outside of the permitted hours or calling cell phones if they should not be called.
It started with clients adopting a defensive posture and instructing collection companies about how they should work their accounts. In a relatively short period, the landscape changed. New legislation was introduced by states and cities. Compliance requirements have widened quickly and can often be questioned with regard to their interpretation. We believe that it is not our responsibility to interpret the rules, but that we have to provide our clients with the technology to manage their businesses effectively, while staying within the guidelines of any legislation, regardless of how they choose to interpret those rules.