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!
NETWORK SUPPORT
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