Improving Agency Oversight and Compliance

The Problem

Having successfully used Convoke for their legal collections, a major US credit issuer realized they could also leverage the platform for their agency strategy. Their existing agency collections were plagued by inefficiencies, so they wanted to ensure they could meet their oversight requirements in a streamlined and effective way, improving consumer treatment. Increased oversight of these business-critical vendors would also help them to grow their recoveries and enhance their compliance.

The Solution

Using Convoke, the issuer was able to deliver upfront media to their agencies so they could validate consumer debt. Convoke also gathered vendors’ supplemental collection data, giving the issuer unparalleled insight into their collection activities. Collection information will always remain with the account, making Convoke the permanent repository for all collection artifacts. In a constantly evolving regulatory environment, the issuer can now face change with confidence, knowing they will be able to maintain strong recoveries and improved consumer care.

Convoke stands ready to support issuers’ efforts to comply with evolving regulations.

- David Pauken, CEO of Convoke

Understanding the Issuer

A major US credit issuer had been using Convoke to support its legal collection strategy for a number of years. Having realized tremendous benefits from the platform (see our case study, Bank Adopts Convoke to Resume Legal Collections), the issuer wanted to achieve similar results with its agency collections. A key problem revolved around document delivery: whenever a consumer requested debt validation, the issuer lacked a simple process for delivering the required documents to the collection agency so it could fulfill the request. Documents were often sent through secure email or file sharing networks, which made it difficult for both parties to track delivery and receipt.

Simplifying Agency Collections

Historically, the issuer had only been delivering media to fulfill a debt validation request. When it became clear that automated document delivery for all accounts would bring numerous benefits to their agency collections, the issuer began to provide upfront documents at placement. This shift eliminated manual processes and reduced costs for the issuer and their agencies.

To further support the issuer’s oversight needs, Convoke also created supplemental data files, allowing agencies to load data on calls/dialers, emails, letters, and text messages. Not only does the issuer now have visibility into every collection action, they can also easily highlight compliance violations, including calls to Do Not Call numbers, any contacts made prior to sending a demand letter, and now—with the introduction of Regulation F—any calls that exceed the call cap. The arrival of Regulation F is significantly increasing issuers’ oversight responsibilities (see our infographic, Regulation F: Are you ready for the changes?). Whether it’s monitoring call attempts, tracking consumer communication preferences, or addressing debt validation and dispute resolutions, Convoke is ready to support issuers’ efforts to comply with the newest regulations. As issuers use various vendors in their agency strategy, Convoke ensures all parties have access to a complete collection of artifacts. These documents and data files persist and travel with the account indefinitely, helping everyone to remain efficient and compliant.