For the past couple of months, we at CBSI have been preparing our clients for the roll out of Regulation F on November 30 of this year. In case you missed those updates, here’s a recap of the new debt collection rule and what we will need from you:
Regulation F requires three changes to the
debt validation notice :
At CBSI, we will be using the last date of service (DOS) as the required itemization date. Once Regulation F becomes effective on November 30, 2021, we will need the following:
When entering account information on our Client Access Web Portal, you must now enter the amount due on date of service, interest, fees and placement amount. You must complete each field, even if the amount is zero.
Clients using placement files will need to add an additional field for the account balance as of the last date of service.
Please incorporate “permission to contact” language on your patient intake form, including a reference to collecting payment for services provided.
Sources:
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Consumer Financial Protection Bureau
InsideARM
American Bar Association
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This communication is from a debt collection agency and is an attempt to collect a debt. Any information obtained will be used for that purpose.
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