As we close the third quarter of 2025, the economic picture is becoming one of sharp contrasts. While some top-line indicators may appear stable, a closer look reveals a widening gap between high- and low-income Americans. The post-pandemic boom that briefly lifted lower-income workers has faded, leaving many families facing stagnant wages and rising costs for essentials. This growing financial strain is reflected in rising delinquencies and increasing consumer anxiety about the future. For the debt collection industry, this moment demands a nuanced approach. The landscape is being reshaped by a complex interplay of economic pressures, a shifting regulatory environment and evolving consumer expectations around technology and security. As we look toward the final months of this year, understanding these dynamics is crucial for protecting your bottom line while treating consumers with the empathy they need. Key Economic Indicators The economic data from Q3 shows the financial hurdles  for many households. While the economy as a whole continues to move forward, the benefits are not being shared equally, creating significant headwinds for a large portion of the population. A prolonged government shutdown at the beginning of October has impacted the release of key economic data, shifting the focus to alternative sources and making it difficult to get an accurate reading of the situation. The labor market is showing signs of stagnation and growing inequality. Amid the federal data blackout, experts have been watching nongovernment numbers from sources including Bank of America, Goldman Sachs and ADP, which are all telling the same story about fewer companies hiring in a job market that has cooled since the spring. August data revealed that low-income earners experienced their worst month for wage growth since 2016, while high-income earners saw their best since 2021. Meanwhile, jobless claims are ticking up, with estimates showing a rise to 235,000 in the last week of September. Inflation remains the primary concern for American families, with September showing a 0.3% increase in the CPI, up to 3%. Core CPI, which excludes volatile food and energy, gained 0.2%. The index for gasoline rose 4.1% in September while energy rose 1.5%. Other indexes that increased over the month include food, shelter, airline fares, recreation, household furnishings and operations, and apparel.  Forty-five percent of U.S. adults cite the rising cost of living as the most important economic issue they face, more than 30 points ahead of any other issue. This is compounded by costs of essentials like electricity, with prices climbing faster than the overall inflation rate. In response to these persistent pressures and concern with the state of the labor market, the Federal Open Market Committee lowered interest rates by .25% at its September meeting, landing at 4-4.25%. Two more rate cuts are widely expected before the end of 2025. Household balance sheets are also showing significant signs of stress. Credit scores are dropping rapidly for many consumers as they fall behind on payments, with delinquency rates across multiple types of loans reaching heights not seen since the 2009 financial crisis.  Auto loans are a particular area of concern, as surging car prices have pushed more buyers to take out longer loans, some extending to seven years. This has led to a spike in auto loan delinquencies, especially among lower-income consumers. Beyond auto debt, the number of homeowners facing foreclosure is also rising fast, with August foreclosure filings having risen six straight months year-over-year, up 18% from the same period in 2024. What’s Impacting Consumer Finances? Several specific factors are squeezing household budgets and making it harder for consumers to manage their financial obligations. First, the U.S. economy is increasingly divided. Higher earners are benefiting from strong investment portfolios and valuable homes, driving a larger share of consumer spending. At the same time, poorer Americans are dealing with flatlining wages, rising unemployment and punishing housing costs. For those in the middle, Q3 was a turning point in the economic outlook. Wages haven’t kept up with the cost of living and the softening job market has many on edge. Running out of savings to cover lingering high-rate credit card balances and auto loans, combined with renewed student loan payments, this cohort is more at risk than ever of falling behind and becoming more vulnerable to financial shocks. Second, the resumption of student loan payments continues to ripple through the economy. With interest-free periods over, millions of borrowers are now facing renewed financial pressure, adding another significant monthly payment to budgets already strained by inflation. In what is good news for some, the Trump administration has agreed to resume student loan forgiveness for an estimated 2.5 million borrowers who are enrolled in certain federal repayment plans. Third, as financial lives move increasingly online, consumers are growing more concerned about the safety of their data. A recent survey from Mastercard found that many people now believe it is harder to secure their digital assets than their physical ones. The report found that 78% of Americans are more concerned about cybersecurity than they were two years ago. This anxiety can create friction and mistrust, impacting how consumers engage with digital financial services, including online payment portals. What’s Impacting the Debt Collection Industry? The debt collection industry is adapting to a regulatory environment that is becoming more localized and a technological landscape that demands greater attention to security. Despite the CFPB recently releasing a semi-annual rulemaking agenda, Russel Vought, the Director of Office Management & Budget and the acting director of the CFPB announced that the bureau is going to close in two to three months. However, such a closure would require an act of Congress, as the CFPB was established by statute under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Without congressional action, the agency cannot simply be dissolved by executive order or administrative decision. Vought’s statement therefore appears to reflect a political stance or intention to restructure or defund the agency, rather than an imminent legal reality. Nonetheless, the comment has sparked concern within financial sectors—including debt collection—about potential regulatory upheaval and uncertainty in the months ahead. Meanwhile, a notable trend is emerging at the state level. As the CFPB pulls back, several states are stepping in with their own regulations and educational initiatives to govern collections and protect consumers. This is creating a more complex, state-by-state compliance map that requires diligent attention from the industry. Despite the slowdown of CFPB oversight, the Federal Trade Commission (FTC) remains focused on consumer harm and continues its crackdown on illegal collection practices, serving as a reminder that deceptive or harassing methods carry severe consequences. Adherence to both the letter and spirit of the law is paramount. The push toward AI and digital communication continues to accelerate, especially in financial services. However, with rising consumer anxiety around cybersecurity, the implementation of these tools must be paired with a clear commitment to data protection. Building and maintaining digital trust is no longer just a best practice, it's a business imperative. Navigating the emerging state-level laws and regulations around AI will become more important than ever. How Are Consumers Feeling About Their Financial Outlook? Consumer sentiment reflects the deep anxieties revealed in the economic data. Confidence is low, and worries about jobs and inflation are persistent. The Federal Reserve Bank of New York’s Center for Microeconomic Data’s September Survey of Consumer Expectations, showed that households’ inflation expectations increased at the short- and longer-term horizons. Labor market expectations continued to deteriorate, with consumers reporting lower expected earnings growth, greater likelihoods of losing jobs and a higher likelihood of a rise in overall unemployment.  The Conference Board’s Consumer Confidence Index declined by 3.6 points in September to 94.2. The Expectations Index, which is based on consumers’ short-term outlook for income, business and labor market conditions, decreased by 1.3 points to 73.4. The present situation component, based on consumers’ assessment of current business and labor market conditions, registered its largest drop in a year, falling by 7 points to 125.4. Consumers’ assessment of business conditions was much less positive than in recent months, while their appraisal of current job availability fell for the ninth straight month to reach a new multiyear low. The University of Michigan's consumer sentiment index showed little change in October, down only 1.5 points from September. Decreases in sentiment among older consumers were offset by increases among younger ones. Overall, consumers don’t see much change in economic circumstances and inflation and high prices remain at the forefront of consumers’ concerns. Other polls confirm this widespread unease, with pessimism about income prospects, combined with high inflation, that has left consumers feeling financially insecure. An Associated Press poll found that high prices for groceries, housing and health care persist as a fear for many households, while rising electricity bills and the cost of gas at the pump are also sources of anxiety. Additionally, 47% of Americans believe they would not be able to find a good job in the current market. What Does This Mean for Debt Collection? Navigating this challenging environment requires a strategy centered on empathy, awareness and trust. The economic pressures on consumers are real and significant, and successful engagement in debt collection depends on acknowledging their reality. Here are some tactics to consider: Lead with Flexible Solutions: With so many households struggling, a one-size-fits-all approach is doomed to fail. Consumers need options, understanding and convenience. Offering self-service portals and flexible payment arrangements is critical. This empowers consumers to manage their debt on their own terms and demonstrates that you understand their financial situation. Navigate the New Regulatory Patchwork: Compliance is no longer just about following federal rules. With states becoming more active, it's essential to stay informed about local laws and regulations. Investing in compliance resources that track state-by-state changes will protect your business and ensure you are treating all consumers according to the specific laws that protect them. Build Digital Trust: As you adopt AI and digital tools to improve efficiency, make security a cornerstone of your strategy. Clearly communicate your commitment to protecting consumer data and using safeguards. A secure and user-friendly digital experience not only meets consumer expectations for convenience but also addresses their growing fears about cybersecurity, building the trust necessary for productive engagement. Another way to build trust with consumers in debt collection? Social proof. Sources: Wall Street Journal - Fewer companies hiring Wall Street Journal - Wage growth Reuters - Jobs U.S. Bureau of Labor Statistics - Inflation NBC News Decision Desk - Cost of living concerns NPR - Electricity prices CBS News - Credit scores dropping Bloomberg - Car loans CBS News - Foreclosures surging New York Times - Divided economy USA Today - Middle earners outlook ABC News - Student loan forgiveness Finextra - Cybersecurity concerns InsideARM - CFPB agenda AccountsRecovery - CFPB closing AccountsRecovery - States step in New York Fed - Consumer Expectations Survey The Conference Board - Consumer Confidence Index University of Michigan - Consumer Sentiment Index Associated Press - AP-NORC consumer poll

There’s no shortage of federal regulations in the financial industry. However, there’s a noticeable absence of federal oversight when it comes to governance over artificial intelligence (AI). A regulatory vacuum around AI policies has emerged at the federal level, which has ceded the initiative to individual states. This has prompted a specific set of state regulatory models on AI that are pioneering risk frameworks and how they interact with various use cases like AI debt collection strategies.  The process of navigating the state-led AI legislation and regulations in US financial services is complex, and requires specific industry knowledge. In this blog post, we’re going to dive into why states are leading the charge, and the type of landmark laws and regulations some states are enacting that are going to set the tone moving forward.  Why AI Regulations Are Being Led By States Back in July, the current administration released “America’s AI Action Plan”, which is focused on building AI infrastructure with over 90 policies with the goal of being a global leader. AI technology is rapidly being integrated into the US economy and financial services industry. While there have been multiple AI-focused bills introduced in Congress over the past few years (including two new bills in July of 2025), none of them have gained enough traction to get passed. This led to increased tension between federal and state governments, which came to a head once the “One Big Beautiful Bill” was passed on July 4th, 2025.  Originally, there was a provision in the bill proposing a ten year moratorium on states enacting or enforcing their own laws on AI. This was a top priority for technology companies who were trying to avoid a more complex regulatory landscape, but the provision was stripped in the bill’s final version. Experts agree this move was a clear signal that states are going to be the primary architects of public policy governing AI for the foreseeable future.  The Federal Stalemate in AI Regulations One of the root causes for why there’s been federal inaction towards AI regulations is a debate about how the process should look. There is one perspective pushing for a technology-neutral approach, claiming that existing laws are enough to govern AI technology. For example, the existing US laws on discrimination, fraud or defamation already apply to AI technology and businesses, so no new laws would be required. In short, this outlook focuses on punishing bad outcomes from AI rather than trying to regulate the technology itself.  At the other side of this debate are regulators who want rules surrounding AI technology itself. There has been a wave of state laws and regulations that support this approach with Colorado and California pushing new requirements to address AI. They’re not just retooling old laws, states are creating novel legal categories like deployers and developers of AI and assigning them proactive duties of care. It’s a stance that believes states laws on AI need to have specific and rigorous rules in place to better protect consumers. The Pioneering State Laws on AI You Should Know The Colorado AI Act (CAIA) The Colorado AI Act (CAIA), was the first comprehensive, risk-based AI law in the United States that was enacted in May of 2024. The CAIA created a framework for creators and users of high-risk AI (which many financial applications fall into) to follow. The Act states that developers and deployers of AI technology have a duty of “reasonable care” to protect consumers from the risks posed by the technology. One of those top risks called out by the CAIA is called algorithmic discrimination, which is the unlawful differential treatment by AI technology of an individual or group of individuals that are part of a protected class.  The duties for developers and deployers under CAIA are met if those parties adhere to these obligations:  Developer Obligations: These makers of AI technologies have to provide extensive documentation on their products. This includes data on how the AI is trained, what steps are made by the developer to prevent bias, what the foreseeable use cases of technology are and more. Developers also have to notify the Colorado Attorney General within 90 days if their AI technology has caused or is likely to cause an algorithmic discrimination.  Deployer Obligations: Deployers (like a company using AI for debt collection), are required to implement and maintain a risk management program. They also have to perform annual assessments of AI technologies and notify consumers of changes being made. Consumers also have the right to correct any inaccurate data being used by AI systems with the right to appeal any decision they don’t agree with by human review. The Financial Compliance Exception for Colorado’s AI Act In Colorado’s AI Act, there’s an important provision for the financial industry and companies using AI for debt collection. The CAIA says that financial institutions such as banks, credit unions and insurers are considered to be already in full compliance with its requirements. However, this provision doesn’t provide universal protection.  This exemption pressures federal agencies and other state banking institutions to develop their own AI governance rules. If they don’t, financial institutions that do business in Colorado could face punitive actions through CAIA. This law is set to indirectly influence the development of national AI regulation standards by creating the bar that other regulators have to meet. California’s Draft Regulations for Automated Decision Making Technology Another standout in state AI regulations is California’s draft regulations for Automated Decisionmaking Technology (ADMT). At this time, the draft regulations were approved and will go into effect on January 1, 2026, and they do represent the most consumer rights-focused AI regulations in the US. The regulations are designed for businesses that use ADMT to make important decisions about consumers. The state law definition of “important or significant decisions” includes financial services, lending, debt collection, insurance and much more.  Since consumer well-being is at the core of these draft AI regulations, California is trying to establish three core rights:  Right to a Pre-Use Notice: Before a business uses ADMT for an important decision, they have to notify consumers explaining how the AI technology works in a way that’s easy for them to understand.  Right to Opt Out: Consumers have the right to tell businesses that they don’t want ADMT to be used for making important decisions about them.  Right to Access Information: Consumers will have the right to request information about the logic being used in ADMT processes. For financial institutions, this means businesses won’t be able to just deploy AI technology into their operations without having a deep understanding of how it works.  Many experts say that these rights will cause a shift in how financial institutions interact with vendors who provide AI technology. The ability to easily explain the technology will go from being a nice-to-have, to a requirement. It’s likely there will also be an overhaul of risk management for AI technology vendors. Due diligence being done for these partnerships will have to go deeper to ensure that these new consumer rights are being honored. What Does This Mean for AI Debt Collection? AI in debt collection continues to increase in adoption because of how it lets businesses better honor consumer preferences while being able to scale. As bellwether states like Colorado and California are setting the standards for other states to follow, the laws and regulations surrounding AI are shaping up to be a patchwork system similar to that of debt collection compliance.  For businesses that are looking to benefit from using AI in debt collection, you need a partner who’s an expert in compliance and keeping up state law and regulation developments. The state laws and regulations around AI are going to evolve just as fast, if not faster than debt collection rules. Debt collection strategies that are set up to quickly adapt are the most likely to achieve long-term success. TrueAccord Is Built to Keep Up with Compliance and AI Changes TrueAccord is an industry-leading recovery and collections platform that’s powered by patented machine learning. Our legal team follows developments in industry regulation updates across the country and maintains machine learning governance models to ensure complete compliance control.  When the world is changing fast, you want a debt collection partner that has proven flexibility to quickly adjust to new rules and regulations. Contact us today and learn more about how you can collect more from happier people.

After its creation the Consumer Financial Protection Bureau (CFPB) had a broad mandate covering nearly all consumer financial products. The CFPB wielded expansive rulemaking, supervision and enforcement powers. As noted in their Fiscal Year 2024 Financial Report, in 2024 alone, the CFPB conducted 26 public enforcement actions through settlement, litigation or default judgment. With the administration change, the CFPB has entered a deregulatory phase.  The new priorities represent a sharp contraction of their mission. In a memo to staff, the Bureau announced it will cut exams by half, refocus on the biggest banks, and pursue a narrower set of enforcement cases centered on clear, measurable fraud. They’ve taken a drastic step back, cutting staff, retracting years of guidance, and focusing on enforcement and some rulemaking.  The philosophical core of this shift is a policy the CFPB calls "respect for federalism." This is an explicit directive to avoid duplicative work and let states take the lead. The internal memo to staff confirmed this is a strategic decision to shift resources away from tasks states can handle. We even see this logic in the Bureau’s justification to rescind 67 pieces of guidance, some that had provided clarity to the industry, in part due to the existing authority of state regulators. This shows a clear, deliberate handoff of regulatory responsibility.   It's a mistake to view this as simple deregulation. In our dual-sovereignty system, a federal vacuum doesn't lead to a void. It leads to a flurry of state-level activity. For a national company, this means replacing one predictable federal regulator with 50 unpredictable state ones. And, not surprisingly, as a result, the states are picking up the baton and stepping up to fill the regulatory gaps. States are expanding their oversight and passing new legislation that is reshaping the compliance landscape for consumer finance and the debt collection industry. This has left many people asking the question, are states going to replace the CFPB? We’re here to help you find the answer.  How State Enforcement Works for Consumer Finance and the Debt Collection Industry The states have the legal authority, institution structures and legislative will to fill the CFPB void. As states are taking over the reins as the main enforcement authority, their actions mainly take place at two different levels:  State Attorney Generals: They are the chief legal officers of their respective states and primary consumer protection enforcers. They wield broad authority on state Unfair Deceptive Abusive Acts and Practices statutes. They can investigate, subpoena, and sue for penalties and restitution. State Financial Regulators: These are state-run agencies that oversee specific sectors of the financial industry. These agencies are usually responsible for licensing and supervising a wide range of non-bank entities, including mortgage lenders, debt collectors, and money transmitters. Some states are even hiring former CFPB employees to help get their regulations positioned to be more effective. New York, Pennsylvania and Maryland have actively recruited ex-federal workers to bolster their consumer protection efforts.  It’s also important to know that state agencies don’t operate in a silo. Many of them coordinate their efforts through interagency bodies such as the Conference of State Bank Supervisors (CSBS). By paying attention to these interagency bodies, businesses can get a better sense of debt collection compliance trends to account for in their operations.  What Are States Doing in This Enforcement Role? Since the federal supervision activities are receding, states are taking the reins through their powers of supervision, enforcement and rulemaking. There has been a big surge in state-level legislative activity specifically aimed at areas where federal action has been slow. States are not just enforcing; they are actively writing the rules for the future:  The Bank Partnership Model (True Lending): One area that states are cracking down on is the “rent-a-bank model”. More states are trying to move forward with closing this banking loophole by forcing companies that use the true lending model to attain the same standard as traditional banks. A main motivation for this is to help protect consumers from deceptive lending and credit practices.  Regulation Around Fintech Products: States are moving faster than the federal government on creating rules around new financial products. As BNPL services continue to grow, New York has introduced new regulations including a new licensing system. Other states like Ohio have created “regulatory sandboxes” to see how new financial products could impact consumers before being rolled out statewide.  Medical Debt: As the CFPB’s medical debt rule was struck down in the courts as an unlawful extension of regulatory authority, several states introduced similar legislation aimed to prevent medical debt credit reporting, to create state-funded debt relief programs, and to expand patient relief programs.  In several states, including California, Illinois, New York, Oregon and Washington the bills passed codifying in law restrictions on credit reporting medical debt.   Artificial Intelligence: In response to federal inaction, states have crafted their own unique legislative solutions to the challenges and opportunities presented by AI.  Regulation of deepfake technology, particularly regarding non-consensual imagery, transparent disclosures when AI systems are used to interact with consumers, and formation of state-level task forces to study AI impacts and make policy recommendations. California, Colorado, Utah, Texas all have AI laws on the books with completely different requirements and definitions. What Do These Changes Mean for Your Business and the Debt Collection Industry? The idea that states are replacing the CFPB isn’t entirely accurate. States cannot replicate the CFPB's most important function: creating a single, predictable set of rules for the entire country. The CFPB created a blanket of uniform rules which many states both formally and informally adopted. Today, the states are not creating a uniform floor but instead a patchwork of different requirements. This patchwork is more dynamic and, for industry, more complicated.   For any business operating in more than one state, the primary challenge is inconsistency. What is legal in Texas might be illegal in New York. This makes national product rollouts and standardized compliance programs incredibly difficult and expensive. Furthermore, enforcement is not uniform. A handful of states are very active, while many others lack the resources to bring major cases. Finally, state enforcement can be more political, with priorities changing every time a new attorney general is elected. All of this together means that businesses are going to have to devote more resources into ensuring their collection efforts follow all the rules in the states in which they operate. This means actively tracking legislation, new regulations, and enforcement trends in every state where you do business. This can no longer be an afterthought; it must be a core compliance function. Conduct detailed, state-by-state risk assessments. Don't assume a product that is compliant in one state is compliant everywhere. Pay extremely close attention to the bellwether states—California, New York, Pennsylvania, and Massachusetts. What happens there often doesn't stay there; it becomes the template for other states to follow. Following the activities of the state AGs, who are the source of the broad UDAAP actions and novel legal theories, is a must. Along with the specialized financial regulators, who control your licenses and conduct the day-to-day examinations. These are two different sources of risk that require distinct monitoring strategies. These changes demand a more sophisticated and adaptable compliance management system. Your systems must be flexible enough to handle different disclosure requirements, different collection rules, different UDAAPs interpretations, often on a state-by-state basis. Investing in this adaptability is the key to managing risk in this fragmented landscape. Small compliance departments face an immense, constantly evolving task and often don’t have the capability to scale their efforts to match the sheer number of new regulations that can emerge. Companies like TrueAccord can help your business leverage digital communications that are compliant at the federal and state levels.  Compliantly Scaling Your Debt Collection Efforts is Easy with TrueAccord The regulatory landscape around financial services and debt collection will continue to evolve. While states aren’t a complete replacement for the CFPB, new state-level regulations will continue to be passed and make it more challenging for your business to stay compliant.  One of the best ways to keep up with this dynamic landscape is to partner with TrueAccord for your debt collection needs. TrueAccord combines dedicated legal experts with code-based compliance to ensure debt collection efforts are by the book. Contact our team today to learn more about how your businesses can compliantly scale your collection efforts.

As a strategy, cold calling for debt collection has plenty of roadblocks like caller ID, spam filters and number lookups that make success difficult. Many experts in the industry are wondering if cold calling is about to enter an ice age because of a feature in Apple’s new IOS 26 update. It’s estimated that there are 130 million iPhones in the US, and many of them are about to have advanced call screening software.  What does this mean for the debt collection industry? How does this new update work and put more power back with consumers? Join us as we break down this newest barrier to cold calling and what it could mean for businesses looking to maintain or improve their collections.  How Does Apple IOS 26 Affect Cold Calling? Before we dive into the industry impact, let’s take a minute to explain how Apple’s IOS 26 update affects cold calling strategies. This software update is giving iPhones 11 and newer call screening software as part of Apple’s push for higher consumer privacy.  When a consumer receives a cold call, the caller will be prompted to say their name and reason for contacting them. The consumer will see a transcript of the caller's response on their phone screen. From there, the consumer has the option to accept or ignore the call. By default, iPhones will screen phone calls from unknown and unsaved numbers. The goal of the feature is to protect more iPhone users from scam and unwanted sales calls that have seen a dramatic rise in the last few years.  Is Cold Calling Really Dead in Collections? Is cold calling for debt collection really dead? The answer depends on who you ask. Experts in the industry are split into two camps:  Cold Calling is Dead for Bad Calls: Many businesses and experts in the debt collection industry say that the strategy is only dead if it’s not targeted, informed by data and/or compliant. In their view, this update is the death of “bad” cold calling. The new iPhone screening process is also seen as an opportunity for collectors to refine their elevator pitch for more effective cold calls.  Cold Calling is Dead For Good: Others in the industry pose that since so many more consumers now have access to easy call screening, cold calling is no longer viable. They predict that this will be the catalyst for the vast majority of collection strategies moving to digital communications. To answer the original question, it’s unlikely that cold calling will go away entirely. There will be instances where a cold call is the best chance at reaching certain consumers. Even though it’s not the majority, some people still prefer to be contacted by phone. Cold calling won’t be wiped out completely, but collectors need to consider shifting to an omnichannel approach for effective debt collection. Why Cold Calling for Debt Collection Is Seeing a Downturn  Cold calling isn’t dead, but it’s no longer the most effective collection strategy available. There are three core factors that are contributing to the decline of cold calls:  Consumer Privacy Movement: Consumers want more privacy than ever before. The rise in scams and algorithm data gathering are just some of the factors contributing to this movement. Phone calls are perceived as one of the most personal communication channels, and a cold call often feels like an invasion of privacy.  Strict Regulations: Over the last few years, the regulations around outbound calls for debt collection have gotten more strict. For example, Regulation F’s 7 in 7 rule prohibits collectors from calling more than seven times in a 7 consecutive day period. It’s increasingly complicated to compliantly cold call customers, and code-based compliance available with digital communications offers less risk for businesses.  Shifts in Communication Preferences: Most consumers want to be reached through their preferred channels. And 59.5% of consumers prefer email to be the first channel a business uses to contact them. If you contact a consumer through their preferred channel, it can lead to a 10% increase in payments. Consumer communication preferences have already gone digital, and traditional options like phone calls become less popular each year.  Cold Calling Can Live On in Omnichannel Strategies Cold calling for debt collection is going to live on, but the strategy needs to evolve and become part of an omnichannel approach. Introducing digital communication channels to your collection strategy helps you engage customers with the right message, at the right time and through the right channel.  An omnichannel approach gives your collections efforts the ability to service more of your customer portfolio and easily scale if more accounts are added. It’s a more streamlined method compared to using segmentation or propensity to pay models in outbound calling that limit the number of people you’re able to reach at one time.  Many debt collectors are also shifting to integrate payment portals into their collections strategy. A payment portal gives consumers the ability to schedule payments at their own convenience, which helps improve repayment rates. It also streamlines operations and reduces compliance concerns since agents no longer have to call-to-collect.  Personalize Your Collections Strategy with an Omnichannel Approach The process of shifting your collections strategy to an omnichannel approach doesn’t have to be a challenge. TrueAccord’s digital first approach to debt collection can efficiently and compliantly scale to any volume of delinquent or defaulted accounts. Are you ready to maximize your collection results with a digital first approach?  Contact our team today and schedule your consultation. Together, we can build a personalized experience that leads to better collection results.    

It’s common when you put a debt collection company's name in a search engine, one of the most popular queries is asking if the business is legit. For many consumers, there’s an inherent doubt that comes with receiving a debt collection communication, which often leads to the message being ignored.  If a consumer gets reassurance from an unbiased source (like another consumer), any doubts about interacting with the company often fade away. This concept is called social proof, and it's extremely important in the debt collection industry. Let’s take a closer look at the relationship between social proof and debt collection.  Social Proof Starts with Ethical Debt Collection Practices The process of having and paying back a debt can be a stressful experience for many consumers, especially when facing financial hardship. It’s an expereince that is more intense and nerve wracking when companies use aggressive collection tactics like excessive calling or threatening. These more forceful approaches are part of the reason why many consumers doubt the legitimacy of debt collection messages.  The first step in reducing consumer uncertainty is practicing ethical and consumer-friendly debt collection. It’s why more companies are taking an omnichannel approach to sending repayment notifications. Digital communication channels like email and SMS/text give consumers more opportunity to engage with messages on their own terms. When the ask for a repayment is more humane, a consumer is not only more likely to act on it, but share their positive experience with others or online.  When a consumer sees that someone else had a positive experience with a certain debt collector, it can reduce their anxiety about getting a repayment notification. Oftentimes a few positive affirmations from people in a similar financial situation is the difference between making a payment and ignoring a message.  Social Proof Can Encourage More Engagement from Consumers When a consumer receives a debt collection notification, they might feel alone, isolated and unsure of the best way to handle the situation. In fact, this is a common reaction for many stressful events we experience in life. In these situations, many people’s first instinct is to seek advice from others who can relate to their circumstances. For example, if they hear from another consumer that the process of making a payment was easy, engaging with the notification doesn’t feel as intimidating.  Debt collection companies themselves can also offer consumers social proof. A great way to do this is by providing insight into how other customers handled their financial obligations. If your business sends an email notification to a customer, you could offer examples of how other customers with a similar balance chose a payment plan to resolve their debt. A subtle tip on how others in their situation took action can increase the likelihood of that customer making a repayment.  The connecting thread between both these instances of social proof aren’t phrasing things as a demand, they’re suggestions backed by the experience of peers. That’s the core of social proof that can increase repayment rates and build trust with consumers.  Social Proof Helps to Humanize Debt Collection Social proof has the power to turn the perception of a debt collector from an intimidating unknown to a partner that helps people with financial wellness. By putting this notion into practice, debt collectors can improve their reputation with consumers. What does this look like in action? Here’s a few ways debt collection companies can bring this to life:  Share Customer Stories: Success stories from customers who had good experiences in the collections process help add social proof. For example, TrueAccord shares positive customer feedback on LinkedIn.  Leverage AI in Debt Collection: AI can be used in debt collection to create a better experience for consumers. Machine learning platforms can figure out the best way to honor each individual customer's communication preferences. These AI processes help make the customer feel more valued, improving the likelihood they will share their experience.  It’s important that all social proof strategies being used by debt collectors follow legal guidelines and don’t overstep on customer privacy. The power of social proof is its honesty, transparency and ethical use. When it is used responsibly and paired with other strategies like leveraging AI in debt collection, social proof can improve recovery rates.  Boost Recovery Rates with AI Debt Collection Strategies Social proof and AI debt collection strategies are a great way for businesses to collect more from happier people. If you want to empower your debt collection solutions with machine learning and a consumer-first mindset, TrueAccord is here to help.  Contact our team today to learn more about how we can handle all your delinquency needs.     

TrueAccord is proud to announce it was recently selected as one of the 2025 Best Places to Work in Collections administered by ACA International and Best Companies Group. The award evaluates workplace policies, practices, philosophy, systems and demographics along with employee experience surveys to determine winners. This survey and award program was designed to identify, recognize, and honor the best places of employment in the collections industry. This year, 48 companies met the standard to be selected.  “At TrueAccord, we prioritize our mission-driven culture and employee engagement to deliver results for clients and consumers with digital-first debt collection,” commented Mark Ravanesi, CEO of TrueAccord. “I’m honored but not surprised to be on the Best Places to Work in Collections list—our commitment to excellence is baked into everything we do, we put a strong emphasis on our community, and our employees are top-notch and empowered to bring their A-game every day.” Companies from across the U.S. entered the rigorous two-part survey process to determine the Best Places to Work in Collections. The combined evaluation and employee survey scores determined the top companies and the final ranking. Best Companies Group managed the overall registration, survey and analysis process and determined the final ranking. To be considered for participation, companies had to fulfill the following eligibility requirements: Be a for-profit or not-for-profit business or government entity Be a public or private U.S. company Have a minimum of 15 employees in the U.S. Must be in business a minimum of one year Must be a collection agency, collection law firm or debt buyer This survey program is administered by Best Companies Group, which conducts over 60 local, national and industry “Best Places” programs each year. For more information on the Best Places to Work in Collections program, visit: www.BestPlacestoWorkCollections.com.  About TrueAccord A subsidiary of TrueML Technologies, TrueAccord is the trusted industry leader in third-party debt collection, leveraging data science and technology to deliver superior results and a best-in-class consumer experience. Since 2013, TrueAccord has served more than 40 million consumers in debt with a more humane collection experience while delivering unmatched liquidation rates as the leader in digital-first collections for the Buy Now Pay Later, fintech, telecommunications and credit union industries, among others. Visit www.trueaccord.com and follow on LinkedIn to learn more.

The path to getting a higher education is a courageous decision that millions of Americans start each year when attending college. It sets the foundation for countless careers and drives personal growth that lasts a lifetime. However, education is expensive and paying back the loans can be challenging—an estimated 5.8 million student loan borrowers have delinquent accounts.  This number could get even higher with student loan forgiveness ending, interest on the debt resuming and shifts repayment options. Student loans and debt collection servicing have always shared a close relationship. And the current changes to the federal student loan system is primed to send shockwaves through debt collection services across the nation.  Learn how student loans have changed in 2025 and trends your business needs to look out for as the situation continues to evolve.  How Student Loans Have Changes in 2025 Before we dive into the implications for the debt collection industry, it’s important to understand some of the key changes recently made to federal student loans. The current administration signed into law the “One Big Beautiful Bill Act” on July 4th, 2025. This legislation overhauled the student loan system:  Student Loan Forgiveness Paused: Borrowers on SAVE plans are seeing the end of payment forgiveness. Right now, payments are required and accruing interest on loans restarted on August 1st, 2025.  Creation of Repayment Assistance Plan (RAP): RAP is an income-based plan for new borrowers that requires a minimum payment regardless of a person’s income level. This plan will only be approved for cancellation after 30 years of qualifying payments.  Student Loan Payments Likely to Increase: With all the changes happening to the system, it’s very likely that borrowers will see their student loan payments increase. It’s estimated some Americans will see their student loans cost potentially a few thousand dollars more each year.  Student Loans and Their Impact on Debt Collection  One of the biggest and most immediate effects that student loans will have on debt collection solutions is a surge of collection activity. With loan forgiveness paused, the millions of delinquent accounts are going to be subject to collection efforts. To start, the federal government is putting increased focus on accounts that are 60 days or more delinquent.  This means that standard debt collection communications channels like phone calls and physical mail are going to be much more crowded for the foreseeable future. It’s also likely that some customers your business talks to have this type of financial obligation. That means no matter what debt type you’re collecting, there is more competition to get their attention through non-digital channels and less funds available to repay debts.  We Could See An Increase in Involuntary Collection Tools  When a consumer defaults on their student loan debt, the federal government has strong tools to help them collect payments. After 270 days pass without a payment being made, the government can garish up to 15% of the borrower’s paycheck. Any federal tax refunds can also be withheld and applied to the loan.  Any student loan accounts that are in delinquency or have defaulted can also be reported to national credit bureaus, causing damage to the borrower’s credit score. Consumers who are going through this process may be less likely to make payments on other debts while they try to keep up with student loans. The common thread is that more student loan borrowers could have reduced disposable income once all the changes take effect.  New Student Loan Rules Could Lower Credit Scores  Experts agree that the new student loan rules have a strong possibility of lowering credit scores for existing borrowers. Since the payment forgiveness that started shortly before COVID is ending, borrowers will likely need time to make payments as other costly necessities (like the rise of grocery costs) take their attention.  It’s possible that this will have widespread effects on consumer credit scores, making it more difficult for these borrowers to participate in the financial system. Specifically for student loans, a lower credit score makes it harder for borrowers to consolidate the debt at an affordable interest rate.  A lower credit score also makes it more difficult to access new lines of credit, a common tactic consumers use to pay off debt. Borrowers with a lower credit score will get higher interest rates on new loans, making it more expensive to get loans and more likely that payments made on debts will be in smaller amounts. To help navigate this challenge, debt collection services that offer consumers more payment options could have greater success.   Increase Your Collections Performance with an Industry Leading Platform Student loan debt is primed to have a lasting impact on debt collection solutions. If you want to leverage AI that adapts to these situational challenges to collect more from happier people, TrueAccord is here to help.  If you want to empower your debt collection solutions with machine learning and a consumer-friendly digital experience, contact our sales team today.   

Despite economic uncertainty, Americans continue to spend, albeit what they’re spending on has shifted. After two consecutive months of reduced spending, consumers came back in June with purchasing focused heavily on necessities like clothing and personal care, rather than electronics or appliances. Discretionary spending also stayed strong on restaurants and bars, indicating that while consumers are feeling some amount of pressure from the economy, it hasn’t really hit their wallets just yet. But economists and key indicators are foretelling more financial challenges ahead, so consumer sentiment may not be keeping up with reality. The debt collection industry is navigating a period of transformation via a combination of regulatory shifts, technological advancements and evolving economic pressures. Key developments continue to reshape collection strategies, compliance requirements and the tools used to recover outstanding debts. As you protect your bottom line in a rapidly evolving consumer financial landscape, let’s look at what you should consider as it relates to debt collection with an eye toward the second half of 2025. Key Economic Indicators After several months of speculation and fluctuation, inflation is starting to heat back up, potentially showing the first impacts of tariffs and signaling what’s ahead. Consumer prices rose 0.3% in June after rising 0.1% in May, pushing the annual CPI inflation rate higher to 2.7%, the highest since February. The increase was driven by higher gas prices and a broad assortment of goods showing the effects of businesses sharing higher import costs with consumers. On the jobs front, the economy added 110,000 jobs in June. Looking at the number of jobs added through the first part of the year shows an average of 124,000 jobs per month, which is significantly lower than last year’s monthly average of 168,000. With layoff activity relatively low and wage growth remaining decent, economic uncertainty has slowed the pace of hiring and created a somewhat stagnant employment market. The Federal Open Market Committee held rates steady at 4.25-4.50% at their meeting in mid-June, and Wall Street economists are predicting the central bank to continue their wait-and-see approach at their next meeting in July given June’s reported CPI and expected PCE inflation increases. Bets are now on a September rate cut if the inflation threat cools and the jobs market weakens more noticeably. The Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit for Q1 2025 showed that total household debt in the US reached $18.20 trillion, a $167 billion or 0.97% increase from the prior quarter. This growth was primarily driven by increases in student loan and mortgage balances, while credit card and auto loan balances decreased. The report showed delinquency rates rising, with 4.3% of outstanding debt in some stage of delinquency, the highest level since the beginning of 2020.   Mortgage loans experienced a significant rise in early and mid-stage delinquencies across all credit categories in May. Mortgage delinquencies increased to 1.03% from 0.92% the previous month, suggesting that the housing market might be showing initial indicators of financial strain among homeowners. What’s Impacting Consumer Finances? Just as more student loan delinquencies are reported and sent to collections, borrowers who had previously been granted an interest-free forbearance period under the Saving on a Valuable Education (SAVE) Plan will lose those benefits. On August 1, the administration will resume interest charges on the accounts of around 8 million borrowers as the SAVE program and several other income-driven payment options end. Overall, the change will see borrowers being charged more than $27 billion in interest over the next 12 months, which will have wide repercussions on students and families. And in a reversal of a move by the Consumer Financial Protection Bureau (CFPB) earlier this year, a federal judge recently blocked a rule that would have removed unpaid medical debt from the credit reports of about 15 million consumers who carry a total of roughly $49 billion in medical debt. This financial burden could influence creditworthiness and access to loans for many. What’s Impacting the Debt Collection Industry? On the federal level, the CFPB has announced a new set of supervision and enforcement priorities for 2025. The bureau intends to reduce the number of its supervisory exams, focusing instead on cases of tangible consumer harm and actual fraud. While this may mean fewer routine audits for collection agencies, it signals more intense scrutiny on practices that directly and negatively impact consumers, with a continued focus on areas including mortgages, credit reporting, and FCRA and FDCPA violations. In June, the CFPB also published a policy statement in the Federal Register outlining its approach to addressing criminally liable regulatory offenses under statutes including the Consumer Financial Protection Act and Truth in Lending Act, among others. In efforts to enhance efficiency, the debt collection industry is rapidly embracing new technologies, and artificial intelligence (AI) and digital communication platforms are at the forefront of this technological wave. AI is being leveraged more widely to personalize consumer engagement, predict payment likelihood, and optimize collection strategies. Meanwhile, digital channels like Rich Communication Services (RCS) are gaining traction as innovative methods for consumer contact, offering more interactive and self-service options. However, the use of technology and collection tactics remains under the watchful eye of regulators. In a significant enforcement action in June 2025, the Federal Trade Commission (FTC) secured a permanent ban against a debt collection operation found to be using deceptive and harassing methods to collect on "phantom debts." This action underscores the agency's ongoing commitment to cracking down on illegal collection practices and serves as a reminder to the industry of the severe consequences of non-compliance. How are consumers feeling about their financial outlook? In analyzing consumer sentiment, it’s important to note that the following surveys relay responses may have been taken before the latest inflation figures were released, so there may be an incongruity in reporting.  The Fed’s June Survey of Consumer Expectations showed that households’ inflation expectations decreased at the short-term and remained unchanged at the medium- and longer-term periods. Unemployment job loss and household income growth expectations improved while spending growth expectations slightly declined. In general, households were more optimistic about their year-ahead financial outlook. The latest University of Michigan consumer sentiment survey, reporting from mid-way through July, showed that Consumer sentiment ticked up about one index point to 61.8 from June, reaching its highest value in five months, but still 16% below December 2024 and its historical average. Expected personal finances fell back about 4%, with the report noting that consumers are unlikely to regain their economic confidence until they feel assured that inflation is unlikely to rise. The Conference Board’s Consumer Confidence Index deteriorated by 5.4 points in June, falling to 93.0 from 98.4 in May. The report showed less positivity about current business conditions and job availability, as well as more pessimism about business conditions, job availability and income prospects over the next six months. What Does This Mean for Debt Collection? The debt collection industry in mid-2025 is at a pivotal juncture, tasked with balancing the adoption of powerful new technologies and navigating a challenging economic environment while adhering to an evolving regulatory framework. The ability to adapt to these concurrent trends will mean success for businesses in this sector. For lenders and collectors, here are a few things to keep in mind: Consumers expect more in debt collection. Gone are the days of debt collection letters or calls from unknown numbers eliciting a productive response. Now, consumers want empathy, understanding and convenience in their financial matters. Keeping up with consumer expectations can mean the difference between collecting debt and not. Self-service is one of those key expectations. Convenience by way of self-serving is a win-win for your business and consumers. Offering a comprehensive self-serve portal means consumers can engage whenever they want (even outside traditional FDCPA-regulated hours) and reduces resources needed to manage accounts and process payments. Ready or not, AI is here. Technology is already transforming debt collection by changing the way lenders and collectors engage with consumers, and if you’re not getting on board, you’ll find your business soon left behind. The time to thoughtfully adopt AI is now. Not sure where to start? Here are the must-know tech terms to get you going. SOURCES: Associated Press - U.S. retail sales U.S. Bureau of Labor Statistics - June CPI Wall Street Journal - Jobs report Marketwatch - FOMC rate cuts Federal Reserve Bank of New York - Q1 Report on Household Debt and Credit VantageScore - Mortgage delinquencies Newsweek - Student loans / SAVE cuts CBS News - Medical debt ruling Consumer Financial Services Law Monitor - CFPB enforcement priorities Federal Register - CFPB policy statement Customer Experience Dive - RCS FTC - Phantom debts ruling Federal Reserve Bank of New York - June Consumer Expectations Survey University of Michigan - July Consumer Sentiment Survey The Conference Board - June Consumer Confidence Survey

What if there was an ice cream shop that only sold vanilla? Just one flavor, offered in one size without any extra options. How much business do you think this shop would get? We know that it’s probably not a profitable business model because it contradicts one of the most important trends seen across countless industries - honoring customer preferences.  In the debt collection industry, there’s a lot of businesses out there practicing the “single flavor” or one-size-fits-all approach. Customers only get sent notices through one or two communication channels and have a single type of payment option.  Debt collection solutions shouldn’t be one-size-fits-all. If you’re interested in learning how to improve the debt collection customer experience, it starts with finding ways to accommodate more preferences.  Why Isn’t Personalization More Common in Debt Collection Solutions? It’s no surprise that consumers have personal preferences that impact their engagement with businesses. One of the most important preferences is how they want to be contacted. While phone calls used to be the go-to method for debt collection, in today’s digital world any unknown number is usually automatically labeled as spam in a person’s mind.  In the debt collection industry today, there’s no shortage of communication channels. So why do so many debt collection companies go for a one-size-fits-all approach through a more outdated method like phone calls or physical mail? There’s a few challenges that can help explain it:  Content Library Creation: The process of building and managing an extensive digital content library for debt collection isn’t easy, especially given compliance requirements for all the different channels like email, text, self-serve portals. This process requires writers and content experts who understand debt collection solutions and the pain points consumers experience. Lack of Resources: Many debt collection companies lack the resources to build out the strategy and operations for multiple or digital channels.   Not Leveraging AI: Without AI and machine learning, it’s much more challenging to figure out what type of content and channel resonates with each individual and implement customized communications at scale Just like the scenario we listed above, only offering “one flavor” usually leads to less effective debt collection solutions, lower performance and unsatisfied consumers.  Improve the Debt Collection Customer Experience with Personalization The main reason to take a personalized approach to debt collection solutions is to help more consumers repay debts and reach greater financial health. To do that, consumers need to engage with debt collection messages. For starters, 46% of consumers expect companies to reach out to their preferred channels. When this happens, companies see a 10% increase in payments from delinquent customers. But preferred channels aren’t the same for everyone. With financial matters (including debt collection and bill notifications), people increasingly prefer digital communication channels. In fact, 59.5% of consumers list email as their first contact choice for communication from a company. When you meet someone’s expectations, payment reminders are more likely to be noticed and acted on. While honoring a consumer’s preferred channel is important, it’s not the only customization that can make an impact.  Customizing Content Gets Results It’s common for debt collection companies to have a few sets of communication templates, but the content itself doesn’t change much. But with an eye toward data-driven changes and testing, there’s always an opportunity to adjust content to catch attention and better engage consumers.  For example, TrueAccord had a client that wanted to improve the performance of debt notification emails. The TrueAccord team created emails that included animated GIFs, an idea supported by machine learning data. This strategy led to a 6% increase in click rates and a happy client that became excited about future tests. The best debt collection solutions treat content as a living strategy. That means updating content templates on a regular basis and testing new ideas to keep up with shifts in customer preferences. One crucial element that makes this possible are AI tools that measure effectiveness and ensure the content is compliant.  Personalization is Better with an Omnichannel Approach An omnichannel approach to debt collection solutions means leveraging a combination of communication channels for consumers to engage with. Every channel like email, text, self-serve portals and more are integrated into a consumer-centric approach. These channels work together to uncover the best option for each individual.  Beyond simply adding digital channels, companies need to adopt a customized omnichannel debt collection approach to engage consumers through preferred channels. At TrueAccord, this is achieved through a patented machine learning engine called Heartbeat. Consumer engagement with Heartbeat is automated and optimized by data-driven algorithms that decide what timing, message and channel will be most effective for each individual person.  By finding the right timing, message and channel, your debt collection solutions won’t just help more consumers engage in debt repayment, but you’ll recoup more in a cost-effective way.  See What TrueAccord’s Debt Collection Technology Can Do Does your business want to collect more from happier customers? At TrueAccord, we use AI tools to offer a personalized and self-serve experience that honors consumer preferences. To learn more about our industry-leading results, connect with our team today!

As recently as 15 years ago, consumer expectations about the debt collection experience looked starkly different than they do today. Back then, people expected debt collection communications to come as a piece of physical mail, and consumers were more likely to answer the phone for an unknown number before spam calls and call labeling and blocking became the norm. Companies who were looking to collect on a debt often used aggressive tactics, and customer satisfaction wasn’t a priority as long as some of the money owed was recovered.  Now, consumers want empathy, understanding and convenience from the companies they interact with, especially in financial services. These shifts in consumer expectations continue to spark changes in debt collection trends and have led to more businesses investing in digital strategies to better engage with consumers. Join us as we take a more in-depth look at how consumer expectations in debt collection have changed and what it means for your business.  Customer Satisfaction is a Key Debt Collection Trend  Consumers today want their problems in financial matters resolved sooner rather than later. A recent survey done by TCN on consumer expectations found that financial companies are seeing a decline in customer satisfaction. One of the main drivers of this trend is people reporting that customer service efforts aren’t solving their problems effectively. A key benchmark used in this survey looked at how often financial service businesses were able to solve customer problems on first contact. Only 13% of survey respondents said that their problem is always solved the first time they reach out. The more someone is forced to call back or wait for a follow up, the less likely they’ll be to engage with the company moving forward. For debt collection, that means fewer payments the longer a consumer has to wait. These survey findings stem from the debt collection trend of consumers wanting to fix problems on the spot. This notion is part of the reason why self-service portals and mobile apps have become the preferred method of resolving financial matters.  One key digital debt collection strategy is offering your customers more options that are easily accessible to them. In fact, 59% of consumers in debt want more flexible payment options. If your business is trying to improve its debt collection performance, giving your customers more options will often lead to higher levels of satisfaction. The proof of this digital debt collection trend can be seen with TrueAccord. Roughly 98% of TrueAccord customers resolve their debts with self-serve options and don’t ever interact with a human in the process.  Preferred Communication Channels for Bill and Debt Notifications Have Changed Today, there’s no shortage of ways to send customers bills and debt notifications. For many companies out there, these notifications are sent through channels that are convenient and/or familiar to them, which doesn’t always align with consumer preferences. The more in-tune businesses are with consumer preferences, the more likely their communications will be engaged with. For businesses looking to recover debt, that means better collections performance and happier customers.  Let’s walk through an example. According to the same TCN survey, 47% of consumers prefer to be contacted by email for bill and debt notifications. Around 25% of Gen Z and 22% of Millennial customers prefer to be notified by push notifications through mobile apps. Your digital debt collection strategies need to take these expectations into account to maximize engagement. Even though email was the most desired communication method, every consumer is an individual with their own preferences.  Some of the best digital debt collection strategies leverage AI and machine learning to test and uncover the best channel for every individual. TrueAccord uses its patented machine learning engine Heartbeat that learns from every customer interaction to determine the best step to take with each consumer. It’s a personalized approach to debt collection where consumer expectations and preferences are at the core of every communication. The result is collecting more from happier people.  Convenience is King in Digital Debt Collection Strategies In financial industries like banking and debt collection, convenience has emerged as one of the most important consumer preferences. With how critical messages in these industries often are, consumers want ways to be able to easily address them so the problem doesn’t linger and cause prolonged stress. For further proof of this trend, a recent survey by the American Bankers Association showed that 55% of consumers prefer mobile banking. Only 8% of people surveyed go to a physical branch for their banking needs.  The consumer trend of wanting more convenience through self-serve options is carried through into the debt collection industry. TrueAccord, for example, has been able to honor this consumer trend with its self-service portal. It’s a low friction way consumers use to pay off debt and should be a key strategy leveraged for digital debt collection.  Based on research done by McKinsey, consumers who digitally self-serve resolve their debts at higher rates and are much more likely to pay off the debt in full. Plus, the customer satisfaction is much higher with self-service portals compared to making a payment over the phone. These trends emphasize the importance of convenience. But just don’t take it from us, here’s what a real TrueAccord customer had to say:  “Thank you for being patient and for having a portal that makes it easy to make the payment without filling out a bunch of stuff and having to make an account or something.” Stay On Top of Consumer Expectations in Debt Collection with TrueAccord It can be challenging to stay on top of consumer expectations in debt collection. But with the right partner, your business can improve debt collection performance while increasing customer satisfaction.  TrueAccord is a leading digital debt collection agency that’s powered by machine learning to provide a consumer-friendly experience that honors their preferences. Schedule a consultation today to learn more about how our platform can handle your delinquency needs.