TrueAccord Applauds New CFPB Debt Collection Proposal To Modernize Industry

SAN FRANCISCO, May 7, 2019 /PRNewswire/ -- The Consumer Financial Protection Bureau (CFPB) today released its long-awaited proposal for updating the Fair Debt Collection Practices Act that aims to modernize the debt collection industry. The new rules will limit phone calls and allow electronic communications such as texts and email. TrueAccord, the first-of-its-kind tech platform that has helped transform the antiquated debt recovery industry has successfully been using this method of communication over the past five years and has long advocated for these changes.

"Today's proposal shows that the industry is finally taking the first step to align itself with the vision TrueAccord laid out more than half a decade ago and has been executing on ever since," said Ohad Samet, co-founder and chief executive officer, TrueAccord. "This proposal marks a positive, fundamental change across the debt collection industry.  By drastically limiting phone calls, which historically have served to harass consumers in debt, and by approving the use of emails and text messages - two media channels that are less intrusive and more easily controlled by the consumer, this law clearly prioritizes consumer-friendly, and consumer-controlled interfaces for collectors to use. We applaud this proposal, which is a clear win for consumers."

The new law will push traditional, risk averse collectors to admit that phone calls are dated and irrelevant, as well as drive them to embrace the important role digital technology plays in improving the industry. Digital channels also allow the consumer to more easily control how and when they are contacted, and it creates a document trail that can better protect the consumer in the event of potential consumer rights violations.

To date, TrueAccord has raised over $30M in venture capital, counts top banks and leading eCommerce companies as its customers, reaches 4.5M consumers, has more than $4B of debt on the platform and has recovered more than $100M for its clients.

Founded in 2013, TrueAccord bridges the gap between the creditor and the roughly 77 million Americans who have debt in collection. This is the first time the antiquated (and often menacing) debt collection system has been challenged in decades. The TrueAccord platform was built with the goal of disrupting debt collection with AI, transparency, and most importantly - empathy.

For more information on TrueAccord, please visit www.trueaccord.com.

About TrueAccord
Created in 2013 by Silicon Valley tech veterans, TrueAccord is an automated debt recovery platform that bridges the gap between the creditor and those in debt. TrueAccord works with small and large businesses to recover the billions of dollars in lost revenue and works with those in debt to create flexible payment solutions. TrueAccord's machine learning platform adapts to consumer behavior with personalized and empathetic communications to deliver the right payment option at the right time and on the right channel. By focusing on great user experiences, TrueAccord provides businesses with superior debt collection results. For more information, please visit: www.TrueAccord.com. Follow TrueAccord on Twitter @trueaccord

Media Contacts:
Tracy Rubin
JCUTLER media group
[email protected]

SOURCE TrueAccord

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