Up-to-date resources from Know My Debt will help educate consumers about financial literacy and how the accounts receivable management industry can help them manage their debts.
03/04/2022 4:15 P.M.
3 minute read
With tax season underway and National Financial Literacy Month coming up in April, now is the time to add the Know My Debt website to your agency’s home page as a resource for consumers.
March 6-12 is also National Consumer Protection Week (NCPW).
NCPW is a great time for members to support consumer education on topics such as identity theft, scams and incorrect information on credit reports. You can share the link to Know My Debt as part of that process.
By including links to vetted financial literacy resources on your website, you can help consumers find the critical information they need to feel comfortable talking to your company representatives.
Many ACA members are using the new Know My Debt consumer education site to enhance the ways they serve consumers and, ultimately, clients.
Be sure to remove any existing references to Ask Doctor Debt (www.askdoctordebt.com), which is no longer online, to ensure consumers have access to the Know My Debt resources.
“As we know, consumer debt is the common bond amongst us. We all encounter consumers acting off misinformation about debt, their credit, and payment plans, for example,” said LaDonna Bohling, chief compliance officer for Contract Callers Inc. and an ACA board member. “Some websites are a front for signing up for a credit monitoring service or credit cards—all things that lure in the least sophisticated consumer. We refer consumers to Know My Debt because it communicates information on topics that consumers need, such as understanding their rights when communicating with a debt collector and planning their financial future, in clear terms.”
Developed by ACA’s Financial Literacy Committee, Know My Debt delivers clearly worded explanations to help consumers improve their financial literacy and resolve their debts.
Why should you add Know My Debt to your website?
Because it clearly explains:
- The laws and regulations related to debt and credit that protects consumers.
- How to work with a debt collector on delinquent debts, including specific explanations for student loan debt.
- Answers to common questions about credit reporting and credit scores.
“We make our agents aware of Know My Debt as part of their training, which serves two purposes,” Bohling said. “It reinforces what we teach and gives them a resource to refer the consumer to when appropriate. We are in the middle of updating our website, and Know My Debt will be the key financial information resource we offer.”
At Universal Fidelity LP (UFLP) in Katy Texas, CEO Jessica Hearn said they have provided the Know My Debt website link to support consumers.
“The site can assist consumers the search for answers while planning their financial future,” Hearn, who also serves on ACA’s Financial Literacy Committee, said. “We hope this website drives consumers to discuss information they learned and share the importance of financial recovery and freedom with their family, friends, and possibly the next generation.”
When creating a link on your website, ACA recommends calling it Know My Debt: Explaining Consumer Rights and Navigating Debt Solutions.
“Know My Debt is very impactful and a great resource for our businesses and our staff,” said Debbie Frank, CEO of Credit Bureau Services LLC and chair of ACA’s Financial Literacy Committee. “Everyone is on a financial journey and Know My Debt is here to guide, inspire and engage people when making decisions about their money and planning for their financial future.”
Building consumers’ financial literacy is good for everyone. It helps consumers understand how they got into debt, how to work with collectors to resolve their account and how to right the ship going forward. It also shows clients that you care about their customers. Plus, it helps collectors when consumers trust their motives and the debt collection process in general.
Including a link to Know My Debt on your website, and encouraging your collectors to refer consumers to it in their phone conversations, ultimately builds confidence in the debt collection process.
“UFLP is here to help bridge financial recovery for consumers and we use Know My Debt as one of those resources,” Hearn said. “The Know My Debt website is educational and informative for collection agencies, consumers and creditors.”
Visit the Know My Debt website to learn more about these valuable resources and read the Collector magazine article “Leading the Way with Transparency and Education.”
Related Content from ACA International:
Get Ready for National Consumer Protection Week 2022
If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.