The Value of Receivables Management Association International Certification
As the landscape surrounding the accounts receivable management industry continues to evolve, so does the RMAI certification program. Setting industry standards and recognizing education, compliance, and adherence to ethical standards, the Receivables Management Association International (RMAI) provides nationally-recognized certifications for receivables management companies. With designations for individuals and different types of businesses including debt buyers, collection agencies, law firms, brokers, and other vendors choosing an organization, RMAI certification provides more consistency in practices and services.
Certification starts with the Individual-based Certified Receivables Compliance Professional (CRCP) designation. The CRCP designation was created to provide a national standard for the level of knowledge an individual must possess with regards to “subject matter contained in case law, statutes, regulations, ethical standards, and best practices (RMAI).” To earn the CRCP certification, individuals must comply with education, pass a background check, and follow a stringent Code of Ethics. CRCP certification signals professional commitment and promotes the proficiency of specialized industry knowledge to prospective business partners, clients, and consumers.
Keeping pace with new laws and regulations, RMAI Certification standards ensure that organizations and individuals align services and processes with the ever-changing requirements of the ARM industry. The designation places organizations and individuals in an elite group as the RMAI certification distinguishes certified businesses, vendors, brokers, and individuals from competitors. The distinction provides access to a network of other certified businesses and individuals and provides value through industry recognition.
RMAI’s business certification, the Certified Professional Receivables Company (CPRC), gives businesses the professional edge in our industry. Nationally recognized and industry endorsed, the CPRC designation is an expression of commitment to meet pre-determined and standardized criteria while keeping abreast of any legal and regulatory changes. With core principles that center around operational procedures and consumer protection, the CPRC designation signals commitment to maintaining rigorous standards and operating with professionalism and ethics. RMAI’s business certification is a voluntary process, but when earned, can unlock opportunities that expand the networks and grow business.
The Receivables Management Association International’s newer certification is the Vendor Certification. This certification category provides a specific set of standards for industry vendors, including brokers. Earning this designation demonstrates a dedication to data security, annual employee training programs, and adherence to a set of standards and best practices that indicate a commitment to providing services in an ethical and compliant manner. Certification distinguishes organizations with evidence of fundamental practices and procedures that potential associates are seeking.
Want to Learn More?
Marian Sangalang, Vice President of The Bureaus, Inc., President of RMAI, and a Certified Receivables Compliance Professional, will moderate a roundtable at the creditor-focused Collection and Recovery Solutions 2019 Conference on May 8-10. Discussing “Best Practices in Debt Sales,” Mrs. Sangalang will address RMAI Certification and the value it brings to businesses, vendors, brokers, and individuals. To request an invitation to the conference and participate in the roundtable, visit collectionrecoverysolutions.com.
For more information on how to become an RMAI certified Business, Vendor, or Individual, visit rmaintl.org.
About The Bureaus, Inc.
The Bureaus, Inc. is a master servicer for accounts receivable portfolios and a Certified Professional Receivables Company. Using cutting edge technology, internally developed proprietary tools, and the vast expertise of its management team, The Bureaus, Inc. combines technological strategies with data mining capabilities to identify opportunities not usually found by other asset management firms. Founded in 1928, The Bureaus, Inc. is located in Northbrook, Illinois.
The Receivables Management Association International (formerly DBA International) was founded in 1997 and set the global standard within the receivables management industry with its Certification Programs and Code of Ethics. RMAI is a nonprofit trade association that represents over 525 member companies and supports the purchase, sale, and collection of receivables in the secondary market. The Association constantly works to provide members with extensive networking, educational, and business development opportunities. RMAI is headquartered in Sacramento, CA.
This article courtesy of The Bureaus, Inc. The original article can be found on The Bureaus, Inc.’s News page.