Editor’s note: This article originally appeared on the NeuAnalytics blog. Linda Straub Jones is a Sr. Account Executive with NeuAnalytics. She has over 30 years of experience in the credit/collections industry and has worked as a collector, skip tracer, paralegal, and a data specialist for bankruptcy, deceased, and compliance data.

In the past several months, the CFPB has made three separate updates to its exam procedures. With each update comes additional requirements for creditors auditing their third-party collection agencies.

As a creditor using third-party debt collection agencies, you are expected to update your process for auditing your agencies to accommodate the CFPB’s updated expectations. At a minimum, you should be reviewing your audit processes annually to ensure you are accounting for these new sections. Depending on the update, you will need to ask your third-party collection agencies for different documentation or proof that they have the proper processes, security, or even software in place to cover the new expectations. You may also need to request updated policies and procedures from your agencies.

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