As of January 1, 2017, DBA International’s Receivables Management Certification Program (RMCP) has been expanded to certify businesses that facilitate the sale of receivables. A broker that meets fourteen specific standards of best practice will be eligible to earn the new “Certified Receivables Broker” (CRB) designation.

“The certification of brokers will help protect creditors, purchasers, and most importantly consumers by ensuring high standards are utilized to preserve the integrity of the purchase transaction and related documents,” said Todd Lansky, DBA International Board President. “Similar to other industries, brokers play an integral role in facilitating the sale of sensitive information between the parties to a transaction. Leaving this vital component outside of the certification program would counter what DBA has achieved in the development of a single compliance footprint for receivables.”

Similar to the existing “Certified Professional Receivables Company” designation for creditors, debt buying companies, law firms, and collection agencies, 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.

In addition to broker certification, the revised RMCP includes other enhancements to existing program requirements, the most notable being the establishment of a “Meaningful Attorney Involvement” standard for certified law firms.

To ensure that DBA member companies fulfill Certification Program requirements, companies are monitored through limited and full compliance audits performed by independent third party auditors, as well as through a structured self-compliance audit process.

You can access the new version RMCP by clicking here.