Artificial intelligence has a growing role in the debt collection industry. It may be used to recognize behaviors prohibited by the Fair Debt Collection Practices Act (FDCPA), the standard for debt collection practices as established by the Federal Trade Commission (FTC). Although following regulations may be tedious, it is crucial to ensure that debt collection agents are operating legally on a daily basis. So as to keep both themselves and their agents safe from risk, employers may use artificial intelligence and speech analytics software to assess debt collectors’ phone communications and assure that agents are not engaging in the following four prohibited types of behavior.
1. No harassment
Debt collectors are not permitted to embarrass the individuals they call. They also may not act obsessively, and may not engage in behaviors such as repeated calling.
2. No unsubstantiated threats, and no threatening arrest
Debt collectors may not falsely threaten the people they call with statements regarding lawsuits or asset seizure, unless the threats are substantiated. Also, agents may not threaten arrest.
3. No false claims
Debt collectors may not lie to those they call. For instance, they may not take on a fake identity or lie about the amount of money an individual owes.
4. No unfair practices
Debt collectors may not engage in any unjust practices when making calls. They may not charge illegal fees or send information regarding debts owed via postcard.
Speech analytics software alone isn’t enough to protect a collections agency from risk. For better protection, debt collectors may use artificial intelligence in addition to speech analytics software. Artificial intelligence is trained to recognize behaviors and understand the true essence of a call, while speech analytics software alone attempts only to account for spoken words and relies on the correct classification of recorded words. Eliminate the struggle of attempting to monitor calls for FDCPA compliance and employ artificial intelligence and speech analytics software that easily check every call for prohibited behaviors. In addition to ensuring that agents are adhering to regulation, use artificial intelligence and speech analytics software to rest assured that employees treat all individuals with the dignity and respect they deserve.
For more information, visit https://www.consumer.ftc.gov/articles/0149-debt-collection