Certified Receivables Broker (CRB)
RMAI International began certifying businesses that facilitate the sale of receivables in January 2017. A broker that meets thirteen specific standards of best practice will be eligible to earn the “Certified Receivables Broker” (CRB) designation.
The certification of brokers helps protect creditors, purchasers, and most importantly consumers by ensuring high standards are utilized to preserve the integrity of the purchase transaction and related documents. Similar to other industries, brokers play an integral role in facilitating the sale of sensitive information between the parties to a transaction.
Similar to RMAI’s “Certified Professional Receivables Company” designation for debt buying companies, law firms, collection agencies, and creditors, the CRB designation was designed to exceed the requirements of state and federal law. Among the standards are requirements concerning compliance, criminal background checks, insurance, data security, vendor management, broker agreements, transactional due diligence, and establishing buyer and seller prerequisites.