If you had to pick one word to sum up the driving force behind the best originating creditors, debt buyers and collection agencies, it would be: compliance. Complying with best practices that meet and often exceed state and federal consumer protections laws is good for both consumers and the debt collection industry. And that commitment to compliance and best practices for the industry is the reason I decided to become involved with Debt Buyer’s Association International (DBA).
For businesses like DRN that provide data and analytic services to the debt buying and collections industry, it is imperative that we join an organization that advocates for the companies in this industry to do business in a compliant manner within the markets we serve. I want to be a part of an organization that keeps a pulse on all regulatory matters, holds us to the highest compliance standards and puts our donations to work in a legislative advocacy fund. You should want to be part of that organization too.
Here’s just a sampling of what DBA has done for our industry:
So far in 2016, DBA has certified 199 individuals and 100 certified companies
- DBA provides certification in regulatory compliance, best practices, case law, ethics, sales and marketing, operations, data security, technology, payment processing, and licensing and insurance.
- DBA has spent over $1 million in the last five years defending the rights of member companies, and that doesn’t include DBA staff time or travel expenses.
- DBA actively lobbied at the state and federal level, monitoring bills and taking direct action to keep in front of key decision and policymakers.
- DBA created an attorney general initiative to meet with the head of the consumer protection division of each state AG office to educate them about the benefits of certification.
We all know that the regulatory landscape is ever changing, and DBA helps you stay up-to-date with a number of different webinars and educational courses. You need to know the rules for the states in which your organization operates – items like a state changing the statute of limitations on certain debt classes from six years to three years matter to your debt buying and collections strategy. New compliance regulations shape the way you can connect with consumers. You don’t want to be in the dark when new rules come down.
Here’s a bit more about their certification program and code of ethics:
DBA’s Receivables Management Certification Program and its Code of Ethics set the “gold standard” within the receivables industry due to its rigorous uniform industry standards of best practice which focus on the protection of the consumer. DBA continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, taskforces, publications, webinars, teleconferences, and breaking news alerts.
That’s reason enough for me and DRN to invest in DBA and, it’s a good reason for anyone in the receivables industry that holds their organization and employees to the highest standards to get involved. If you are interested in becoming a member, contact me via email or earn more here: https://www.dbainternational.org/membership/join-dba/
Stay tuned for our next blog where we’ll focus on the work of the American Financial Services Association (AFSA).
