What are some common mistakes in collections audits?
An example of an AI chatbot conversation about common collections audit mistakes.
What are some common mistakes in collections audits?
Some common mistakes include not documenting processes, overlooking discrepancies, and failing to follow up on findings.
How can I avoid these mistakes?
To avoid these mistakes, ensure thorough documentation, regularly review discrepancies, and establish a follow-up protocol.
What tools can help with collections audits?
Tools like audit management software, data analytics platforms, and compliance checklists can be very helpful.
Are there specific regulations I should be aware of?
Yes, regulations like the Fair Debt Collection Practices Act (FDCPA) and others vary by region, so it's important to stay informed.
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