As communication methods have evolved, so too has the collections industry. Changes made by the Consumer Financial Protection Bureau (CFPB) and other consumer advocate organizations have placed restrictions, compliance targets, and qualifications on the types of communications organizations like Central Portfolio Control can make.
If you’ve recently received a text message from CPC, you might be wondering why and what it means. This article aims to shed light on the new rules and regulations surrounding text messaging in the collections industry, ensuring transparency and understanding for consumers.
The Telephone Consumer Protection Act (TCPA)
The TCPA is a federal law in the United States that governs telemarketing practices, including text messaging. It aims to protect consumers from unwanted communications, including spam texts. Under the TCPA, collection agencies must obtain prior express consent from consumers before sending text messages regarding their overdue accounts.
Opt-In Consent
Central Portfolio Control follows strict protocols to obtain consumers’ opt-in consent for text message communications. This means that you, as a consumer, have voluntarily agreed to receive text messages regarding your account. Opting-in can occur through various channels, such as providing your consent during a phone call, submitting an online form, or responding to an initial text message requesting permission to communicate via text.
Compliance with Regulations
The use of text messaging as a collections tool is regulated to protect consumer rights and privacy. Recent regulations have been put in place to ensure the responsible and respectful use of text messaging by collection agencies.
Compliance is the bedrock of our processes and procedures and our workforce is highly trained to provide responsive, trustworthy, and compliant support that supports our clients’ critically important customer care and financial objectives. We are committed to upholding the highest standards of compliance and service that protect our clients’ core values and hard-earned reputations.
The Shift to Text Messaging
With the widespread use of smartphones and the growing preference for digital communication, the collections industry has recognized the need to leverage text messaging as an additional means of reaching out to consumers. Text messages provide a convenient and efficient channel for communication, allowing for quick updates and reminders regarding overdue accounts.
Benefits of Text Messaging
Text messaging offers several benefits for both consumers and collection agencies. It provides a convenient way to receive important information about your overdue account, such as payment reminders, updates on your payment arrangements, and notifications about potential actions that may be taken. Text messages also offer a documented record of communication, enhancing transparency and accountability.
Contact Central Portfolio Control
If you have received a text message from Central Portfolio Control and have questions or concerns, we encourage you to reach out to our dedicated team. We understand that debt collection can be a complex and sensitive matter, and we are here to assist you. Our representatives are available to provide information, discuss your account, and address any issues you may have.
After we verify your identity, we can answer your questions, update your contact information, help you make a payment, set up a payment plan, and discuss options for resolving your account. Please call us at 1-800-834-2147 and we will be happy to help you.
About Central Portfolio Control
Headquartered in Minnetonka, MN, Central Portfolio Control, Inc. (CPC) is a full-service and nationally licensed collection agency focused on the recovery of distressed accounts receivable. Since being founded in 1998, the Central Portfolio Control team has continued to grow, providing top-quality services to our clients and jobs to our local community.
