RMEx 6.0 Dec 6, 2021 updates (PTF)

RMEx 6.1 Dec 6, 2021 updates

• OVERVIEW OF RMEx RELEASE 6.1 - THE REG-F VERSION 3
• INFRASTRUCTURE, DATABASE AND ACCOUNT POSTING CHANGES 4
• UPDATED TRANSACTION FILES 7
• ON-LINE CLIENT ACCOUNT ENTRY 7
• ACCOUNT TRANSFERS 8
• CHANGES TO ACCOUNT INQUIRY TO DISPLAY THE NEW FIELDS 8
• LETTERS 9
• CHANGES TO THE VALIDATION NOTICE AND RETURNED MAIL 10
• VALIDATION NOTICES AND POTENTIAL CREDIT REPORTING PROBLEMS 11
• IMPORTANT CHANGES TO THE LETTER-FAILED REPORT 15
• NEW MERGE CODES 15
• MANAGING THE REQUIREMENTS FOR CALL FREQUENCY LIMITS (7 IN 7) 16
• OVERRIDING THE 7-DAY CONTACT RESTRICTIONS 22
• TEXT MESSAGING 24
• CONTACT PREFERENCES AND INCONVENIENT TIMES TO CALL 25
• E-MAILING YOUR CLIENTS 28
• DATA EXTRACTS 30
• SMART CODES 31
• CLIENT MASTER CHANGES 31
• REPORTS 31
• SETTING UP THE SYSTEM FOR REG-F 33

OVERVIEW OF RMEx RELEASE 6.1 - THE REG-F VERSION

Quantrax is proud to announce RMEx Release 6.1 which will begin the support and

rollout of the functionality that is required to meet the CFPB’s Reg-F requirements.

The new rule will change the industry

not only when it is implemented, but for

many years into the future. As the

industry accepts the implications and

adjusts traditional processes, the

impact will be felt in many areas of

collections. As always, we plan on

“skating to where the puck is going to

be, and not where it has been” (Wayne

Gretzky)”, with great anticipation, vision

and proactive thinking.

The initial version of Release 6.1 was an infrastructure change. We required new data

fields and internal options to support the changes. Our initial version handled these

changes, along with some changes that helped you to prepare for the final

implementation of the rule. It is important that our clients upgrade as quickly as

possible. We do not have any plans to offer the new functionality on older versions of

RMEx.

Let us summarize what Release 6.1 offers and does for you.

• Infrastructure and database changes

• Changes to account inquiry to display the new data fields

• Updated transaction files and posting programs to accommodate the new fields at

the time of placement. As and when your clients start providing the new

information, your custom interfaces will require changes. Quantrax will take care of

code we developed (there may be a small charge). You are responsible for code

that was developed outside Quantrax. It is important to understand that every new

business load whether programmed or created through I-Load will need to be

updated!

• We have modified I-Load to handle the new data fields

• We have created new letter merge codes for the new data elements. If your letter

printing programs are modified for internal printing or a printing service, these

programs will need to be changed. This work is billable. You will need to contact us

about these changes, indicating what changes you will require.

• Changes to the demand letter and handling of returned mail

Copyright 2021-Quantrax Corporation Page 3 of 35

 Nov 30, 2021

Revised - December 6, 2021 RMEx Release 6.1

• The 7 in 7 rule - Attempts and contacts with the consumer will need to be counted

and further attempts will need to be limited based on the rules

• Most of you will need to contact your clients and let them know that changes will

be coming. How will you do that? We give you the option to create an e-mail and

send it out to all of your active clients, using e-mail addresses stored on the client

master.

These changes will allow you to work with your letter vendor and your clients, to prepare

for the changes.

Here are the details of the latest from Quantrax and RMEx - the Reg-F Version!