Are you having a daily Reg F induced anxiety attack? Sure, the impending implementation date might seem daunting, but MRS is here to quell your Reg F panic by clearing up some common misconceptions.
Reg F, in total, is more than 1000 pages. But guess what? You don’t need to memorize 1000 pages to be compliant and knowledgeable about the new rules. There are a few key pieces of the rule to focus on. If you need some help knowing where to direct your attention, be sure to understand the following points:
- Model Validation Notice- the CFPB created an example of a communication that clearly states important pieces of information regarding the debt, the consumer’s rights, and further action a consumer can take in response to the notice
- Limited Content Message- a voicemail left for the consumer that includes required content but does not indicate that the caller is attempting to collect a debt
- Phone Call Frequency (7×7)- no more than 7 phone calls within 7 consecutive days can be placed to a consumer
- Consumer Preferences- it is expected that a company will ask for a consumer’s communication preferences with clear opt out selections in those communications
- Record Retention- a company should retain records showing compliance and non-compliance the day that collection activity begins and continuing until 3 years after the last activity on the account
- Credit Reporting- a company is expected to speak with the consumer, mail them a letter, or send a digital communication, and wait 2 weeks before credit reporting
These definitions are, of course, summarized versions, so familiarize yourself with all the ins and outs of each rule in order to delve deeper into the body of Reg F.
Do you have those topics down pat? Then you’re more prepared than you think for November 30th.
So take a deep breath and let go of that Reg F panic. Remember, these rules help modernize debt collection and allow for some really exciting innovations. MRS is ready for Reg F—are you?