Receivables Management Certification Program Becomes Industry Standard, Protects Record Level of Consumers

/Receivables Management Certification Program Becomes Industry Standard, Protects Record Level of Consumers

November 16, 2017 (Sacramento, CA) – RMA’s Receivables Management Certification Program has been widely adopted by receivables management companies since its introduction in 2013. A growing number of businesses have earned the Certified Professional Receivables Company designation—up to 143 as of November—and a total of 237 individuals have earned the Certified Receivables Compliance Professional designation..

The Certification Program sets the global standard within the receivables industry due to its rigorous uniform industry standards of best practice, which heavily focuses on consumer protection. Consumers whose debts are owned by a Certified Company can be confident that the company maintains the strongest compliance management system, which addresses best practices related to the purchase-and-sale of consumer accounts, data security, vendor management, credit bureau reporting, and consumer complaint resolution among other best practices. Certified debt buyers also have documentation procedures in place that exceed many regulatory requirements, ensuring the debts are being collected from the right consumers in the right amounts.

What started as a compliance program for debt buyers has grown to a robust program with specific requirements for multiple types of businesses – collection law firms, collection agencies, and brokers may also become Company Certified, offering a single compliance footprint for the receivables industry.

“When the entire collection cycle is Certified, consumer protection is enhanced, as Certification standards for all business types meet, or in most cases, exceed the requirements of state and federal law,” said Mark Naiman, RMA Board President.

The receivables management industry has embraced the opportunity to self-regulate via the program, as it not only protects creditors and consumers, but also benefits industry participants by establishing global best practices.  

“I prefer to do business with Certified collection agencies and law firms, because I know they hold themselves to the same rigorous standards,” Naiman stated. “In recent years, that preference was an industry tendency, but it is now considered the norm.”

The Consumer Financial Protection Bureau (CFPB) tracks the number of complaints against debt buyers. While the percentage of overall industry complaints is generally less than 12 percent, the percentage of complaints against Certified companies is significantly lower; more than 50 percent of Certified companies have not had a single complaint. In fact, only two percent of Certified companies have a complaint/inquiry volume of greater than one percent.

About Receivables Management Association International

Receivables Management Association International (RMA) 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. RMA 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, teleconferences, and breaking news alerts. Founded in 1997 as the Debt Buyers Association, RMA is headquartered in Sacramento, California.

2017-11-16T09:23:25+00:00 November 16, 2017|Press Releases, Public News|