Certified Professional Receivables Company (CPRC)
Debt buying companies, collection law firms, third party collection agencies and creditors can participate in and earn a Certified Professional Receivables Company (CPRC) designation through RMA.
What does company certification involve?
Company certifications will be granted to companies that comply with uniform and rigorous industry standards of best practices and pass a company background check. The standards address core principles including account documentation, chain of title, consumer complaint and dispute resolution, statute of limitation compliance, vendor management, credit bureau reporting, resale, as well as other relevant operational procedures.
Does my company have to be certified?
Debt buying companies who are actively purchasing portfolios must complete their CPRC designation within one year. Debt buying companies who are not actively purchasing receivables must meet the following requirements to remain an associate member:
- Must not have purchased an account since your last membership renewal
- When you purchase an account, it must meet all the requirements and standards outlined in the certification program
- Must complete your company certification within one year of purchasing an account
Collection law firms and third party collection agencies may voluntarily seek the CPRC designation but it is not a requirement in order to maintain their RMA membership.
Family of Companies shared certification
A Family of Companies allows for a shared company certification with shared certification number amongst affiliated companies (debt buying companies, collection law firms, and third party agencies) provided that all companies meet the following criteria:
- have the same Chief Compliance Officer (CCO),
- have the same executive management team that exerts control over business operations (this requirement may be waived by the Administration & Budget Committee if there exists other unifying factors that would preclude its necessity),
- maintain a uniform network of compliance on all accounts serviced between the business entities under the shared certification
- are governed by the same corporate policies and procedures
- agree to be audited in a single unified audit, and
- agree any Deficiency and Remediation against one business entity will apply to all of the business entities under the shared certification.
- NOTE: A company that does not meet all of the Family of Companies criteria will need to have a separate company certification.
Family of Companies benefits:
- Only one set of policies and procedures needs to be created rather than multiple versions of the same policy.
- Only the Chief Compliance Officer needs to complete their individual Certified Receivables Compliance Professional (CRCP) designation rather than having multiple CCOs.
- All companies in a “family of companies” have a single unified audit, which significantly reduces costs for external audits for each separate company.
- The cost of adding an additional company to your certification is only $100 rather than an additional fee of $1,250 per company.