DATA SECURITY & COMPLIANCE | 10 MIN READ
How New Consumer Protection Laws Like CCPA Will Impact the Debt Collection Industry
The Recently Passed California Consumer Protection ACT (CCPA) Makes Legal Compliance Officers Top 3 Concerns List
The CCPA gives residents of California landmark new rights with respect to personal information (PI). Although the rights given through this act only apply to citizens of California, the CCPA move follows on the heels of over 140 pieces of privacy-related legislation introduced across 25 states in 2019.
State and Federal laws already protect consumer privacy. So, what’s different about this new legislation?
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The Right to Deletion (The right to request that a business delete any PI that it has collected from the consumer)
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Right to Know (The right to request that a business provide certain details about its collection, use, sale or other disclosure of personal information about the consumer, as well as the right to receive a copy of the specific pieces of PI that it collected about the consumer)
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Right to Opt Out (The right to opt out of the sale of PI)
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Right to Non-Discrimination (The right to be free from unlawful discrimination for exercising these CCPA rights)
The CCPA also outlines specific damages for violations of consumer data
How the CCPA might impact the debt collection industry
However, the biggest immediate impact is the rights consumers in California now have to request details about the data you collect. Where do you keep that information and how easily can it be provided when requested?
The compliance department of debt collection companies are no stranger to the complicated requirements of state and federal regulations as it relates to communication with consumers. But the CCPA, and similar legislation from other states likely to follow, will require greater organization and discipline across all departments.
Data mapping and having a system in place to respond to consumer requests will shore up a lot of bad practices and gaps in your system that you didn’t know were there before,” added compliance professional, W. Judd Peak.
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