We're joined by attorney John Bedard to discuss his expert opinion on what 2019 may hold for the collections industry.

 

The Key Points

  • As a prediction for 2019, we may finally be seeing some clarity in compliance rules and the ATDS definition in this year. Even as soon as second quarter.
  • Something else on the 2019 radar is more rules on privacy and data security. Laws about privacy seems to be at the forefront of a lot of people's minds and we're beginning to see States all over the country adopt privacy and data security rules.
  • There are really only two categories of consumers that find attorneys and filed lawsuits against people. The first category is angry consumers. This category of consumer we can control. We just have to make sure we are giving consumers great customer service so that they have no reason to go to a lawyer.
  • The second category of consumer is the bankrupt consumer. These are the consumers that go to bankruptcy lawyers for help and those bankruptcy lawyers can often sue somebody to avoid bankruptcy. Collectors have a little bit less control over the bankrupt consumer but agencies can still limit these working with consumers and helping them avoid bankruptcy in the first place.
  • Bedard Law Group has a compliance app called ARM Law where collectors can find FDCPA and TCPA statues and cases related to those statues. This is a great resource for compliance.

Looking for more information on collections? Check out How a 3-Second Pause Kills Live Contact and Invites a Lawsuit