Collector - November 2017 - 22

Storvick, administrator for the Washington
Collection Agency Board.
A good rule of thumb is to use complaints
submitted to the state as an impetus to take
stock of your business practices and review
your policies and procedures. It's better to
identify an issue on your own rather than
have it uncovered by a regulator.

GET GRANULAR
Some states have more stringent
requirements than others, so if you are
licensed in multiple states you pretty much
need to be prepared for anything. For
instance, Ciskey noted Arizona regulators
are very particular about what you tell
consumers about how you handle accounts.
"At my old company we had a couple of
auditors in for a week and a half, and they

didn't like some things we told consumers
even though they were accurate," Ciskey
noted. "For example, when we responded
to a complaint we told consumers that the
account still remained open in our system,
which it did. But the auditors thought that
was too vague-they didn't understand what
that meant. So we even had to change how
we respond to complaints from their office."
How you handle convenience fees, how
your offshoring or nearshoring operations
are run, what you put in your collection
notices-auditors can look at and request
changes to almost every aspect of your
business. Often the documentation request
list is extensive and will take time to
compile, though once you have processes in
place to collect it things will likely be a bit
easier the next time.

If regulators ask if you've been subject
to litigation in the last year and you haven't
kept track of the cases, don't assume they
can't find out for themselves if you forget to
mention something. It's a matter of public
record and can be found on www.pacer.gov.
The same goes with consumer
complaints: you should be tracking and
recording them. Misremembering or
providing an incomplete list could come
back to haunt you-or at least require
additional clarification down the road-and
could jeopardize your licensing process.
If the state has migrated to the
Nationwide Multistate Licensing System
and Registry, regulators will likely want to
ensure you've kept up with what's on the
NMLS site and that your collection letters
conform.

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Table of Contents for the Digital Edition of Collector - November 2017

Upfront
Industry News
Best Practices
FYI
Collection Tips
Making the Right Choice
Getting Your Ducks in a Row
Highlight Reel
Putting it all Together
Calendar
Honor Roll
On Call
Hire Purpose
CFPB Pursues Two Student Loan Servicers
Compliance
ACA SearchPoint
Last Word
Collector - November 2017 - Cover1
Collector - November 2017 - Cover2
Collector - November 2017 - 1
Collector - November 2017 - Upfront
Collector - November 2017 - 3
Collector - November 2017 - Industry News
Collector - November 2017 - 5
Collector - November 2017 - 6
Collector - November 2017 - 7
Collector - November 2017 - Best Practices
Collector - November 2017 - 9
Collector - November 2017 - FYI
Collector - November 2017 - 11
Collector - November 2017 - Collection Tips
Collector - November 2017 - 13
Collector - November 2017 - Making the Right Choice
Collector - November 2017 - 15
Collector - November 2017 - 16
Collector - November 2017 - 17
Collector - November 2017 - Getting Your Ducks in a Row
Collector - November 2017 - 19
Collector - November 2017 - 20
Collector - November 2017 - 21
Collector - November 2017 - 22
Collector - November 2017 - 23
Collector - November 2017 - 24
Collector - November 2017 - 25
Collector - November 2017 - Highlight Reel
Collector - November 2017 - 27
Collector - November 2017 - 28
Collector - November 2017 - 29
Collector - November 2017 - 30
Collector - November 2017 - 31
Collector - November 2017 - Putting it all Together
Collector - November 2017 - 33
Collector - November 2017 - 34
Collector - November 2017 - 35
Collector - November 2017 - Calendar
Collector - November 2017 - Honor Roll
Collector - November 2017 - On Call
Collector - November 2017 - 39
Collector - November 2017 - Hire Purpose
Collector - November 2017 - 41
Collector - November 2017 - CFPB Pursues Two Student Loan Servicers
Collector - November 2017 - 43
Collector - November 2017 - Compliance
Collector - November 2017 - 45
Collector - November 2017 - ACA SearchPoint
Collector - November 2017 - 47
Collector - November 2017 - Last Word
Collector - November 2017 - Cover3
Collector - November 2017 - Cover4
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