PCM Technology & Data Management Flashcards

Which type of report helps a collection manager identify accounts that have been in the same queue stage for an excessive number of days without a payment or status update?

Answer: Account aging report

An account aging report categorizes accounts by how long they have been in the portfolio or at a given stage, highlighting stale accounts needing strategy changes.

A collection agency is evaluating a cloud-based collection management system. Which security concern should be PRIORITIZED in the vendor review?

Answer: Data residency, encryption standards, and third-party security audit certifications (SOC 2)

Cloud vendors handling consumer financial data must demonstrate SOC 2 compliance, proper encryption, and clear data residency policies to meet regulatory and contractual obligations.

A collection manager implements call recording for all outbound collection calls. The PRIMARY regulatory purpose is:

Answer: To create verifiable documentation of FDCPA-compliant interactions for dispute resolution

Call recordings provide documented evidence of compliant collector behavior and accurate representations, which is critical for responding to FDCPA disputes or regulatory inquiries.

What is the purpose of a 'scrub' against the National Do Not Call (DNC) Registry before launching a collection dialing campaign?

Answer: To remove numbers registered on the DNC from the dialing list to avoid TCPA violations

Scrubbing against the DNC Registry removes consumer numbers that are registered, preventing TCPA violations when using auto-dialers or prerecorded messages.

A collection agency's data breach response plan should include notification to affected consumers within what timeframe under most US state data breach notification laws?

Answer: As soon as reasonably possible, typically within 30–60 days of discovery depending on state law

Most US state data breach laws require prompt consumer notification, generally within 30 to 60 days of discovering a breach involving personal information.

A collection manager wants to measure the effectiveness of a new self-service online payment portal. Which metric BEST indicates debtor adoption of the portal?

Answer: Percentage of payments received through the portal versus phone/mail

The share of payments made through the self-service portal versus traditional channels directly measures debtor adoption and the portal's effectiveness at reducing collector workload.