The CFPB has proposed new rules for the debt collection industry providing clarity and guidance for consumer communications and data handling.

Compliance has become the competitive differentiator in today's collection industry. Clients want companies which can collect as much money as possible, while staying well within the bounds of collection litigation. Collecting the right way leads to collecting more clients.

Collection agencies are rarely early technology adopters, but those that drop legacy platforms in favor of modern software platforms can no longer be called early adopters - now they're just being competitive and protecting their business. Take the plunge into modernity!

Access security to systems, applications, hardware, and even physical locations is important to address when terminating a relationship with an employee. Thousands of former employees and IT professionals have active user credentials for former employers - those oversights can result in real damage.

In the debt recovery industry, CIA stands for Communication, Integrity, and Availability. This is an acronym Jeremy Mapes promotes to prioritize issues when evaluating web based software platforms. Your vendor should be able to detail how data is protected, backed up, and accessed by trusted users.

The costs of NOT modernizing debt collection software could be greater than buying new software. Be more efficient and competitive by reducing costs, automating redundant actions, providing more resources for clients and consumers. Replace old collection software with a modern, future-proof option.

Data security is only as good as the weakest point of protection. The weakest link in security is usually the people using the software that holds the data. Education, vigilance and training are what keep employees from getting into trouble. Process compliance is a constant concern for data security

Auditing for software infrastructure, servers, databases, security, compliance and process auditing are expensive and time consuming. Prioritize audits based on client requests, competitive advantage, and regulatory requirement, or inherit compliance with a web-based platform that provides it.

Debt collection software development requires constant attention and work to stay on top of the changing market and beat the competition, just like athletics.

Aging debt collection software can cost you more money than investing in a modern platform that meets current standards and improves with time