Do you have a plan in place to track and address consumer complaints? Are you looking for more information on the CFPB’s updated policies about consumer complaints related to debt collection? Are you unsure about what data your organization needs to be tracking? In this webinar, hear Todd Stephenson and Jessie Skibbe answer these questions.
What is the CFPB’s Complaint Resolution Process?
The CFPB began accepting consumer complaints related to debt collection in 2013. The complaint resolution process that was since determined by the CFPB is:
- The consumer submits complaint via the CFPB portal
- The CFPB reviews and routes the complaint
- The company provides a response to the complaint
- The consumer reviews the response and responds
- An investigation takes place
- The complaint is analyzed and reported
To get started resolving and tracking consumer complaints, consider following these five easy steps:
- Define: Internally evaluate what your definition of a complaint is using a risk-based approach
- Document: Ensure that your policies, procedures, and work instructions are understood and followed; note any changes made to your CMS because of monitoring efforts
- Educate: Train employees and compliance staff
- Communicate: Effectively communicate expectations with all compliance staff; share findings with Board of Directors/Management to identify areas for improvement and determine needed changes
- Monitor: Make sure that complaints are promptly addressed, categorized, reviewed, and analyzed
Download the full webinar to learn more about CMS and for more ways that you can ensure CFPB compliance via effective consumer compliant resolution and tracking. For more information about CMS or CFPB compliance, contact us today.