Insights

RealAgent^TM The Ultimate Integrity Tool for Debt Collectors

Jan 08, 2025

In the debt collection industry, accuracy is everything. Debt collection agencies rely heavily on telephone communications to connect with customers, but with phone numbers constantly changing, keeping contact data accurate and up-to-date can feel like a never-ending challenge. One in ten people change their phone number every month. For collection agencies, it’s more than a simple inconvenience; it’s a compliance and efficiency issue that impacts operational costs, customer satisfaction and data integrity.

To tackle these challenges, RealAgent^TM from Somos offers a powerful solution by connecting debt collectors to the Reassigned Numbers Database (RND). This database, which contains over 400 million phone numbers that have been disconnected, helps agencies verify that they are contacting the right person before making a call or text. By leveraging RealAgent, debt collection agencies can ensure that they’re reaching the intended customer, avoiding costly mistakes and enhancing overall operational efficiency.

RealAgent can help:

1. Minimize TCPA Fines

   One of the biggest risks debt collectors face when calling outdated numbers is violating the Telephone Consumer Protection Act (TCPA). If an agency accidentally calls a reassigned number and reaches the wrong person, it can face fines of up to $1,500 per instance. These fines add up quickly and can put a significant dent in an agency’s bottom line. RealAgent mitigates this risk by querying the RND database before each call, ensuring that the number still belongs to the person the agency is trying to reach. A simple step — but one that can save agencies thousands of dollars in fines by preventing misdials and ensuring compliance with the TCPA.

2. Enhance Data Integrity

   Data integrity is crucial for debt collection agencies. When contact information is inaccurate, critical messages may never reach the intended recipient. RealAgent helps debt collectors maintain clean, reliable data by providing up-to-date information on whether a number has been disconnected. With RealAgent, agencies can be confident that the contact details they have on file reflect the current reality, minimizing the chances of reaching the wrong party.

3. Protection of Sensitive Information

   Debt collection is a sensitive area where customer relationships must be handled carefully. A wrong call can complicate this, potentially exposing sensitive information. RealAgent helps agencies communicate only with the customers they intend to reach.

4.  Maximize Operator Efficiency

   Time is money in the debt collection industry. Every misdialed call means wasted time and resources. RealAgent streamlines the process by verifying the accuracy of phone numbers before calls or texts are made, allowing operators to spend less time double-checking contact information and more time on productive conversations. This efficiency boost not only reduces operational costs but also enhances the overall productivity of the team.

5. Support Compliance Efforts

   Compliance is a major concern in debt collection. With regulatory scrutiny on the rise, debt collectors need tools that help them stay on the right side of the law. RealAgent is a straightforward way to meet compliance requirements by preventing calls and texts to disconnected numbers that may have been reassigned. Thanks to better contact accuracy, RealAgent helps agencies maintain compliance with industry regulations, reduce legal risks and operate with greater confidence.

Debt collection agencies face a unique set of challenges in managing contact data, but a reliable solution is available to address these issues effectively.With RealAgent, agencies can make better connections, save time, protect data integrity and avoid the heavy fines associated with TCPA violations.

Ensure your agency is taking the necessary steps to avoid TCPA violations, enhance data integrity, protect sensitive information and maximize your operational efficiency — start leveraging RealAgent to access the Reassigned Numbers Database today. Ready to see RealAgent in action? Email us at connect@somos.com to schedule a meeting!