Playing by the FTC and CFPB Rules is Good Business

SHARE THIS ARTICLE

The one and only way to avoid legal trouble is playing by the FTC and CFPB regulations. More important, lenders must choose their vendors, including contact centers, very carefully as their actions and center policies are directly related to your compliance. In other words, if your contact center is not in compliance, neither are you.

Centrinex follows all state and federal regulations to the “t.” Every consumer application is affirmed and documented to avoid FTC and CFPB scrutiny. Should there ever be a question as to the legality of a loan, we are prepared with proof.

  • Our CSRs are highly trained in best practices and all calls are monitored by managers who can immediately step in should the need arise.
  • Dedicated CSR teams receive additional training for our contact center clients who have specific internal regulations or procedures they must have followed, no matter how demanding.
  • All leads are confirmed. We pinpoint and document the consumer’s IP address, proving where he or she was when the ACH authorization was e-signed should a loan’s validity be questioned.
  • Centrinex ensures authorizations are in place and that applicants fully understand ACH authorizations. This is key for our call center clients because the consequences can be severe if proof of the signed authorization cannot be produced.
  • Every call is recorded and conversations can be retrieved to verify all laws were followed.
  • Our processes meet all industry privacy guidelines, including PCI, etc.

Those who don’t play by the FCC rules put their businesses at risk and face being shut down which is what happens when the Federal Trade Commission has reason to believe that a lending operation puts money into a consumer’s bank account without permission. Allegations of lenders withdrawing money from consumer accounts as repayment without written permission for ACHs are being investigated. It is also looking into consumers being reported to collection agencies for defaulting on a loan they didn’t consent to and being harassed.

At the end of the day, Centrinex does not lend. We do not make the final decision on funding loans. What we do is ensure our contact center is compliant across the board, following all laws and our clients’ industry-specific regulations. That is the right thing to do for everyone, and it’s just good business.