In April 2019, Receivables Management Association International (RMAI) launched certification version 8.0 and expanded its national certification programs. Regarded as the “gold standard” of certification in the receivables management industry, the updated Receivables Management Certification Program (RMCP) includes a revision to the previously named Certified Professional Receivables Company certification, now titled the Certified Receivables Business certification, as well as the addition of vendor certification.
Changes to the Professional Receivables Company Certification
The revised Certified Receivables Business (CRB) designation is designed for debt buying companies, collection law firms, third-party collection agencies, and creditors. To earn the CRB, businesses must comply with the “uniform and rigorous industry standards of best practices and pass an RMAI conducted criminal background check of the business, its owners, and its executive management.”
The industry standards established by RMAI include operational procedures and core principles such as account documentation, compliance with the statute of limitations, chain of title, consumer complaint and dispute resolution, vendor management, credit reporting, resale, and more. All RMAI business certification standards “meet federal and state statutory requirements and many exceed these requirements or create standards where none existed.”
Active debt buying companies must complete the CRB designation within one year of initial RMAI membership as a condition of membership. Debt buying companies not actively purchasing portfolios must comply with a separate set of requirements to remain an associate member. The CRB designation is not required for collection law firms or third-party agencies to maintain membership, however, they are eligible to voluntarily complete the process and receive the CRB designation. Affiliated companies may share the Certified Receivables Business certification under the “Family of Companies” designation as long as specific criteria are met.
Addition of RMAI Vendor Certification Designations
The most significant change in certification version 8.0 is the addition of the new Certified Receivables Vendor (CRV) certification, a voluntary certification program for affiliate members. For vendors who are seeking to develop business relationships with CRBs, the CRV offers two types of vendor certifications, the General Certification and the Broker Certification. As with all designations within the Receivables Management Certification Program, the CRV certification was designed within RMAI’s single compliance footprint and exceeds the requirements of state and federal laws.
Types of Vendor Certification
The General Certification is for all affiliate members and shares many of the certification standards established in the CRB designation. The General Certification consists of 7 core standards of best practice relating to compliance, criminal background checks, insurance, data security, and vendor management.
The Broker Certification was created only for brokers and requires that candidates meet all of the core standards within the General Certification as well as 6 additional standards. The Broker Certification was developed to help protect creditors, purchasers, and consumers and ensure high standards that preserve the integrity of purchase transactions and related documents.
When asked about the changes in certification, Marian Sangalang, Vice President of The Bureaus, Inc. and Past President of RMAI, shared that “these recent certification changes were another step toward improving compliance across the industry. RMAI wants to ensure that our processes remain robust and transparent while exceeding the stringent requirements set forth by evolving industry rules and regulations. With the creation of the Certified Receivables Vendor designation, we are extending the reach of our Receivables Management Certification Program into more branches of the receivables management industry. As an association, our goal is to engage individuals and companies who share our dedication to conducting business with integrity, adhering to the highest ethical standards, and committing to the protection of consumers. Through these recent changes and additional certifications, RMAI hopes to bolster the numbers of certified individuals and businesses so we can continue to improve consumer satisfaction throughout the entire industry.”
Find a Certified Business or Individual
For more information about the Receivables Management Certification Program (RMCP), please visit rmai.org/certification. To assist receivables professionals with identifying and locating certified businesses, vendors, and individuals, RMAI provides a Directory of Certified Businesses that can be sorted by business type, name, or state. The RMAI Directory of Certified Individuals can be sorted by a specific company name or an individual’s name.
Receivables Management Association International (RMAI) is the nonprofit trade association that represents more than 550 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focus on the protection of the consumer. In 2013, RMAI began certifying businesses and individuals, and as of 2020, the association has authorized more than 380 certifications. RMAI provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. The association continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, task forces, publications, webinars, and breaking news alerts. Founded in 1997 as the Debt Buyers Association, RMAI is headquartered in Sacramento, California.
About The Bureaus, Inc.
The Bureaus, Inc. is a master servicer for accounts receivable portfolios and a Certified Receivables Business (CRB) by the Receivables Management Association International. 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.
This article courtesy of The Bureaus, Inc.