PR - iQor CEO Challenges Collection Industry on Compliance Standards

 

IQor, Inc.’s President and Chief Executive Officer Vikas Kapoor challenged the collection industry — including debt buyers and call center companies that collect debts — to create and adhere to a new regimen of self-governance.

Delivering the keynote address at the ACA International Fall Forum in Memphis, Mr. Kapoor stated that the industry needed to regulate its own activities aggressively and invited the ACA to take the lead in creating a set of standards to be adopted by the industry.

“The call center industry is one of the largest employers in the United States, and it is experiencing torrid global growth,” said Kapoor. “However, the industry has a sullied reputation because it is perceived as being lax with respect to compliance. We must come together to tackle the problems that are within our power to fix if we wish to avoid having our hands tied by regulators.”

Mr. Kapoor outlined the key factors that contribute to the public perception of debt buyers and call center collection companies – such as inadequate documentation, improper use of technology and abusive treatment of consumers. He outlined a five-point program for addressing these issues – including new contracting standards, strict documentation rules, limits on use of dialers, constraints on use of messaging technology, and an industry initiative to identify and discipline individuals with a history of non-compliant behavior towards consumers.