Certified Receivables Vendor (CRV)
RMAI created the Certified Receivables Vendor (CRV) certification in March 2019. All RMAI Affiliate members can now get their business certified by complying with standards of best practice and completing a pre-certification audit of those standards. This is a voluntary certification program.
Similar to RMAI’s “Certified Receivables Business” (CRB) designation for debt buying companies, law firms, collection agencies, and creditors, the CRV designation was designed to exceed the requirements of state and federal law.
Types of Vendor Certification
General Certification (All Affiliate Members)
General vendor certification consists of seven (7) core standards of best practice. Among the standards are requirements concerning compliance, criminal background checks, insurance, data security, and vendor management. These standards are also reflected in the CRB designation to ensure RMAI’s single compliance footprint transcends the entire program.
Broker Certification (Brokers Only)
Broker certification is a specialized designation within the CRV in which brokers need to meet the general certification requirements plus six (6) additional standards specific to brokers to be eligible, including broker agreements, transactional due diligence, and establishing buyer and seller prerequisites. 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.