When Every Call, Text, and Email Counts

How Collectors Reach Consumers More Efficiently While Complying With Regulation F

Regulation F from the Consumer Financial Protection Bureau (CFPB) gives consumers more control over how debt collectors communicate with them. Collectors may only make seven phone call attempts in a seven-day period—the so-called “seven-in-seven rule.”

Permission to communicate via digital channels could facilitate a more effective and efficient interaction between consumer and collector. However, the seven-in-seven rule threatens to exacerbate legacy challenges that have depressed collectors’ right-party contact (RPC) rates for years. Once tolerable costs of doing business, Regulation F transforms these legacy contact challenges into significant threats against business solvency:

• Calls errantly blocked and mislabeled as spam
• Incomplete or outdated consumer data
• Lack of insight into consumer communication behavior (e.g., preferred channel, preferred phone number, ideal call time)

Collectors can optimize their efforts with an intelligent omnichannel contact strategy. A phone call aligned with each consumer’s unique phone behavior is more likely to be answered. It is even more likely to get an answer if it is preceded by an email or text alerting the consumer of the impending call. Knowing when consumers use their phones more allows for a more strategic approach to the seven-in-seven rule. Certain days may warrant multiple calls, at the right times and on the right days, while other days may only warrant texts or emails. This intelligent omnichannel approach complies with both the spirit and word of Regulation F, improves RPC rates, and allows for faster contact than competitors that fail to adapt.

To thrive in a Regulation F environment, collectors must mitigate errant call-blocking and spam-mislabeling, keep consumer intelligence up to date, and gain insight into the best time and day to call each individual consumer. Download the report to learn how to make each call, text, and email count under Regulation F.