Compliance Monitoring and Legal Requirements Checklist for Debt Collection Agencies

Executive Summary

Debt collection agencies record a high volume of calls for debt collection purposes, but these recordings often contain personally identifiable information (PII), personal health information (PHI), and payment card information (PCI), all of which must be securely protected and retained to prevent exposure and ensure compliance. 

This checklist outlines steps and processes for debt collection agencies to adhere to laws such as the Gramm-Leach-Bliley Act (GLBA), Payment Card Industry Data Security Standards (PCI-DSS), the Fair Debt Collection Practices Act (FDCPA) Regulation F, and Health Insurance Portability and Accountability Act (HIPAA) for medical debt. 

By following this checklist, debt collection agencies can effectively safeguard sensitive information across call recordings, whether it is stored or shared, through key practices outlined in the following sections: 

• Having an understanding of key regulations that require protecting customer data and privacy, including safeguarding any personal, financial and health information.
• Implementing AI-powered software to ensure that all sensitive information is effectively redacted and secured.
• Establishing clear retention policies through redaction software for call recordings, ensuring they are securely stored and only accessible by authorized personnel.
• Conducting regular audits and generating compliance reports to assess the effectiveness of processes and identify any gaps.
• Providing ongoing training to ensure staff understand redaction procedures and remain up to date on regulatory requirements.