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 program in version 10.0, including requiring Certified Businesses to:
- Maintain a cyber-crime insurance policy.
- Maintain a policy which prevents discriminatory collection practices.
- Notate consumer communication restrictions and transmit those restrictions when appropriate.
- Obtain specific data and documents when purchasing or selling installment loans (fintech and traditional).
“As we launch version 10.0 of our national certification program, its humbling to see how far RMAI has come in the development of uniform standards of best practice for the receivables management industry,” said Adam Parks, President of the Receivables Management Association International (RMAI).
|Version 1.0||Version 10.0|
|Certification Eligibility||Debt Buyers||Debt Buyers, Collection Agencies, Law Firms, Brokers and Venders|
|Asset Classes with Data & Document Requirements||Credit Cards||Credit Cards, Auto, Bankruptcy, Installment Loans, Judgments, Medical and Student Loans|
|Total Number of Data & Document Elements for all Asset Classes||10||206|
“As we prepare for our second decade of advancing comprehensive and uniform standards of best practice, RMAI’s focus will remain on the consumers we protect and the industry we proudly serve. The statistics demonstrate the value RMAI certification brings to both audiences as we continue to see reduced complaints and litigation against RMAI certified businesses.”
For more information on RMAI certification for receivable businesses and individuals, please visit the RMAI website at www.rmaintl.org/certification. For more information on version 10.0, view our program overview.
About Receivables Management Association International
Receivables Management Association International (RMAI) is a nonprofit trade association representing more than 590 businesses that support the purchase, sale, and collection of performing and nonperforming receivables on the secondary market. The RMAI Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to the rigorous uniform standards of best practice which focus on protecting consumers.
More information about RMAI is available at www.rmaintl.org.