Debt Management Leads and the Issue of Compliance

Debt Management Leads and the Issue of Compliance

Data compliance has been very carefully governed over the past few years due to the increasing availability and vulnerability of personal data. Although a necessary step aimed to protect the rights of consumers, this persistent updating of compliance laws has made it difficult for debt management companies to remain contenders within the industry. Thankfully, compliant data providers have stepped up to provide opt-in data to deliver results without the compliance risk.

Lead Generation in Debt Management

According to Aviva, household debt in the UK has now reached an average of £13,520, 24 per cent higher than winter 2011 when this set of debt data was first recorded. This rising concern for many families has fuelled the growth of data management and solutions companies, who often receive fresh debt data from leading consumer data providers with thousands of contact details for those in need of support.

As a result, debt management companies are becoming one of the biggest users of opt-in data. In part, this change is also being drive of course by the fast-paced nature of the industry, which receives new clients on a daily basis.

The Issue of Compliance

The growth of UK household debt means the growth of debt management companies, but this success can lead to an increase in data breaches and compliance problems. It’s this problem that has prompted the Office of Fair Trading (OFT) to become increasingly diligent. The OFT frequently reviews debt management guidance to ensure debt firms are following compliance guidelines when collecting data.

Although this process is beneficial for consumers, it has left many debt management companies with difficulties. Many companies have even received OFT warnings after failing to follow some of the new regulations that aim to keep data completely secure. Some of these regulations demand compliance with the Data Protection Act and the Information Commissioner’s Office, as well as appropriate licensing required for businesses that generate debt management leads.

Debt Management Leads at Seawave Media

Thankfully, there are many financial services data providers that regularly provide fully compliant debt management data to debt solutions companies. Seawave is a consumer data provider focused solely on lead generation and data collection. This means we ensure we’re always one step ahead when it comes to data compliance, reducing the risks for our clients and ensuring consumer data security.

At Seawave Media, we provide debt management data to meet the varied requirements of our clients. However, some of the most popular types of data include telephone survey leads, online survey leads, debt management plan leads and debt consolidation loan decline leads. This wide range of data is just one of the reasons we’re now the leading UK provider of debt management leads, responsible for supplying many of the leading debt management companies with campaign-specific data.

Dedicated to remaining at the top of our industry, we provide businesses with hundreds of new leads every day, while ensuring we only provide fully compliant data.

Our services means our customers bypass the issue of data compliance, avoiding costly fines and reducing the amount of time spent meeting the demands of regulations, to ultimately boost their ROI and increase their chances of success.

Contact Seawave today to find out more 

June 28, 2016 / Uncategorized

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Debt Management Leads and the Issue of Compliance

In May 2018, the new GDPR regulations become enforceable for all countries operating within the European Union. The new legislation establishes stringent changes to the way companies collect and process data and even more stringent consequences for those companies that fail to make their data fully compliant. And there’s not much chance that Brexit is going to make any difference; the regulations will become firmly established into law by the time we’ve left, and show little chance of being repealed afterwards. So, if you’ve not already optimised your consumer data processing practices, it’s time to start.

Opt-in data changes under the GDPR

One of the most profound changes that the GDPR will establish is in the way that businesses collect data. Whereas before you could operate under an opt-out policy, ensuring customers had to specifically declare that they didn’t want their data processed, now the opposite is the case. An individual now must actively volunteer their data, with tick boxes being the preferred method. Here are some other details the GDPR specifies:
  • As a default, tick boxed should be un-ticked. There should be further options available that allow the user to select the type of marketing correspondence they wish to receive; email, phone or mail.
  • The data subject is permitted to opt out of data processing at any point after opting in.
  • Consenting to data collection should not be a condition of service.
  • Sending someone an email to ask them for marketing permission is not permissible.
These changes will create profound challenges for companies looking to generate leads from marketing. What’s more, there’s a maximum fine of up to 20 million Euros, or four per cent of global turnover payable for a breach of these regulations; a figure that’s easily enough to send smaller firms into administration.

How to demonstrate data compliance

If companies choose to continue processing their own data after May 2018, there are a number of policies they will have to implement in order to demonstrate their GDPR compliance: • Appoint a data protection officer if at all feasible. • Carefully record and document all data processing activities. • Implement data minimisation and ‘pseudononymisation’ guidelines that adhere to the new regulations. In short, the data protection regulations that come into force next year are a minefield. The entire document clocks up just under a hundred individual articles that need to be adhered to.

Fully compliant data experts at Seawave

The team here at Seawave Media have a professional and comprehensive knowledge of the GDPR and other data protection regulations. It’s of vital importance to us that we operate to the highest data protection standards, and provide the most optimised and highest quality data possible within these regulations. Our goal is to ensure every legal box is ticked, while still providing you with high value consumer lifestyle survey leads that deliver a great ROI.

Contact us today to find out more about how we can help optimise your lead marketing strategy, both right now and after the GDPR regulations come through in May next year.