TrueAccord, a Fintech that aims to transform debt collection into “a pathway toward financial health,” recently revealed that Ohad Samet, CEO and Co-founder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation (DFPI).
The debt collection advisory committee is reportedly a new seven-member board that will offer “critical” feedback to the DFPI as it “stands up its debt collection licensing program.”
“I look forward to working with the DFPI, a new and influential regulator, to think through consumer protection and choice in tough times. Consumer protection will be especially important this year, as we emerge from the pandemic and direct economic aid to consumers decreases. The debt collection advisory committee will be working to make sure that all consumers facing debt collection in California are treated fairly and equitably.”
“Since its founding, TrueAccord has been committed to sharing consumer feedback and data about the use of technology in debt collection. At TrueAccord, we’ve been able to demonstrate that consumers across the country like email and text, actively choose to use digital channels, and feel empowered by these tools while enjoying improved protection. Similar to other facets of consumer protection like privacy regulation, I expect that the rules coming out of the DFPI may end up impacting consumers nationwide.”
The debt collection advisory committee members represent “a cross-section of industry experts, including five industry representatives, one consumer advocate, and one law and economics professor who studies the industry,” the announcement confirmed.
Three of the industry members, including TrueAccord, are RMAI certified businesses, “demonstrating a preference for businesses with independently-audited, documented best practices.”
DFPI Commissioner Manuel P. Alvarez stated:
“I look forward to working with this group representing diverse stakeholders in the debt collection industry. The committee’s perspectives and advice will be critical in helping the Department effectively oversee debt collectors and protect consumers.”
The committee members have reportedly been appointed to serve 2-year terms “pursuant to Financial Code Section 100025 adopted by passage the Debt Collection Licensing Act (DCLA).” The committee has “scheduled its first meeting for July 28, 2021 and is expected to meet twice per year or as needed.” (Note: For additional information, please check out the DFPI’s official announcement.)
Established in 2013, TrueAccord’s data-driven debt collection platform aims to disrupt the collection ecosystem by assisting firms with collecting more debt online than traditional methods.
TrueAccord’s platform runs with machine learning and a decision engine that can effectively analyze consumer behavior. The platform offers personalized and “empathetic” consumer experiences.
By communicating “at the right time in the right channel with payment options that meet consumer needs,” TrueAccord claims to offer “exceptional recovery rates for top 10 financial institutions, debt buyers, lenders, and technology companies.”
TrueAccord “empowers many of the estimated 77 million consumers who are in debt every year to get on a path to better financial health.”