RMAI’s Receivables Management Certification Program offers professional designations to businesses and individuals operating and employed within the receivables industry. RMAI launched the Certification Program in 2013 with a stated mission to “provide enhanced consumer protections through rigorous and uniform industry standards of best practice.” Often cited as the “gold standard” due to requirements that go above and beyond those required by law, the program certifies collection agencies, debt buying companies, collection law firms, vendors, and brokers.
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RMAI’s Receivables Management Certification Program offers professional designations to businesses and individuals operating and employed within the accounts receivables industry. RMAI launched the Certification Program in 2013 with a stated mission to “provide enhanced consumer protections through rigorous and uniform industry standards of best practice.” Often cited as the “gold standard” due to requirements that go above and beyond what is required by law, the program certifies collection agencies, debt buying companies, collection law firms, brokers, and vendors. Click here.
Receivables Management Association International is the nonprofit trade association that represents more than 600 companies that support the purchase, sale, and collection of performing and nonperforming receivables on the secondary market. RMAI member companies include debt buyers, collection agencies, law firms, originating creditors and industry-related product and service providers. RMAI provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. The association publishes spring and fall publications, a monthly newsletter and member alerts and conducts robust state and federal advocacy efforts in support of RMAI members and their businesses.
Certifications will be granted to businesses that comply with uniform and rigorous industry standards of best practices and pass an RMAI conducted 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. Certification can also be granted to vendors and brokers that comply with the applicable standards.
Debt buying companies who are actively purchasing portfolios must complete their Certified Receivables Business (CRB) designation within one year as a condition for RMAI membership. 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 business certification within one year of purchasing an account
Collection law firms,third party collection agencies and vendors may voluntarily seek the CRB or CRV designation but it is not a requirement in order to maintain their RMAI membership.
Affiliated businesses (debt buying companies, collection law firms, and third party agencies) may share certification under a “Family of Companies” designation provided that all of the businesses 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,
- 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.
NOTE: Businesses that do not meet all of the Family of Companies criteria will need to maintain separate business certifications.
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 businesses in a “family of companies” have a single unified audit, which significantly reduces costs for external audits for each separate business.
- The cost of adding an additional business to your certification is only $150 rather than an additional fee of $1,800 per business.
Certification News & Press
Learn more about certification through related articles and news.
RMAI Expands National Certification Program to Include Commercial Debt
Launches Certification Version 11.0 March 2, 2023 (Sacramento, CA) – The RMAI Certification Council announces the adoption of version 11.0 of the Receivables Management Certification Program (RMCP) after a lengthy development and review process. Several significant enhancements were added to the [...]
RMAI Announces Maxwell & Graves Solutions, LLC as new Authorized Audit Provider
December 9, 2022 (Sacramento, CA) – Receivables Management Association International (RMAI) has selected Maxwell & Graves Solutions, LLC (M&G) as an authorized audit provider for the RMAI Receivables Management Certification Program. The purpose of the Certification Audits is to ensure that [...]
RMAI Celebrates a Decade of Its National Certification Program
Launches Certification Version 10.0 March 10, 2022 (Sacramento, CA) – The RMAI Certification Council announces the adoption of version 10.0 of the Receivables Management Certification Program (RMCP) after a seven-month development and review process. Several significant enhancements were added to the [...]
