Staying ahead of the curve is crucial for businesses to thrive. The journey of the Receivables Management Association International (RMAI) and its Receivables Management Certification Program (RMCP) is a testament to the commitment of the industry to professionalism and excellence. Looking back over the last 12 years since the inception of the RMCP, the RMAI provides valuable insights into the certification program as well as the broader industry landscape. Amidst ongoing regulatory shifts, evolving consumer preferences, and other factors, ARM Industry organizations have navigated through significant changes.
Why Certification was Created
The genesis of RMAI’s certification program can be traced back to 2009-10 when there was a
growing perception within the federal regulatory community that the debt buying industry
needed additional regulation due to its rapid growth. With the encouragement of federal
regulators, RMAI spent the better part of 2012 developing the RMCP and officially launched the
program in March 2013. The program was designed to establish a set of industry best practices, providing businesses with the tools and knowledge needed to navigate the complex world of receivables management. In addition, the program’s rigorous audits and requirement of strict adherence have built a network of trusted, honest operators that continue to meet or exceed high expectations. Over time, RMAI’s certification program has gained prominence, being referenced in the Consumer Financial Protection Bureau’s (CFPB) rulemaking and endorsed by originating creditors.
Types of Certification
The Certification Program was launched with the mission to “provide enhanced consumer protections through rigorous and uniform industry standards of best practice.” A certification from RMAI represents a high standard of conducting business in a compliant manner with a consumer-centric approach. Individuals and businesses can earn certification designations. Individuals may earn the Certified Receivables Compliance Professional (CRCP) designation, whereas businesses may qualify for either the Certified Receivables Business (CRB) or Certified Receivables Vendor (CRV) designations.
Making Evolutionary Changes
The certification journey commenced in 2012, initially focusing on debt buyers. As the industry evolved, so did the program. RMAI expanded its scope to include collection agencies, law firms, brokers, and most recently vendors, recognizing their individually diverse roles within the receivables management ecosystem. This expansion reflected the association’s commitment to ensuring comprehensive representation across the industry.
Dynamic Collaboration & Improvement
One significant milestone in the program’s evolution was the diversification of class types. Recognizing the dynamic nature of the receivables management landscape, RMAI engaged with stakeholders to develop yearly revisions and improvements. This ongoing collaboration ensures that the certification program remains responsive to changing legislative and regulatory landscapes and industry needs. RMAI is currently (as of August 2024 at the time of this article being published) on version 12 of the program and has seen its active certifications climb from 35 to 512 over those iterations.
Successfully Decreasing Litigation
In 2019, in a comprehensive audit of the certification program’s performance across the industry, RMAI found that litigation against RMAI’s certified businesses, on average, decreased by 20.8% in the seven years from 2012 to 2018. Looking at a breakdown of the litigation by areas of law, the lawsuits filed against violations of the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the Telephone Consumer Protection Act (TCPA) experienced similar declines after certification.
During the audit, over 97% of RMAI-certified businesses were found to have “statistically zero CFPB complaints, disputes, or inquiries” and for those who have had to issue responses to CFPB complaints: “100 percent of CFPB complaints, disputes, and inquiries have received a response.” Ultimately, this has produced a certification program that can boast that only 1 out of every 5,000 accounts in collections receive a CFPB complaint, dispute, or inquiry.
Gaining Traction & Industry Backing
As RMAI evolved the certification program, and as organizations began to see the importance of maintaining a rigorous environment for audits, self-regulation, and comprehensive security practices, the program’s importance grew. For both individuals and businesses attaining certification, it was no longer about appealing to a regulatory authority but expressing their localized desire to do better within the industry. For consumers, clients, and portfolio managers, a CRB certification ensures that the organization makes every attempt to remain fair, transparent, and compliant with all advanced regulatory requirements.
Value of CRB Designation for Debt Buyers
From the beginning, RMAI focused on adding value to debt buyers in the process. Primarily, the RMAI Certification process reassures creditors, offering a reliable benchmark for identifying trustworthy partners. This is fundamental when conducting business throughout the industry. Additionally, the certification emphasizes accountability throughout the management process— including vendor outsourcing— ensuring transparent and responsible practices.
Like the certification’s evolution for collection agencies, RMAI Certification for debt buyers also serves as a powerful signal to regulators, showcasing a commitment to self-regulation within the industry. This proactive stance positions certified debt buyers as responsible and compliant entities, operating within legal frameworks and regulatory guidelines. For consumers whose debts are held by RMAI-certified companies, the certification signifies legitimacy, fostering trust and transparency in the relationship between debt buyers and individuals impacted by debt transactions.
The Latest Evolution: Collaboration With BBB
The Better Business Bureau (BBB) and RMAI are taking certification one step further. Announced in early 2024, as of March 1, the BBB National Programs will independently administer the Remediation Committee for RMAI’s RMCP. This collaboration marks the latest and perhaps the most significant transformation of the RMCP. With nearly 500 businesses fully registered, the “RMAI Services” agreement, under which BBB National Programs will independently administer the RMAI Remediation Committee, includes oversight of the process to remedy non-compliance with RMAI’s rigorous uniform certification standards.
BBB National Programs, a non-profit organization, is the home of independent industry self-regulation in the U.S., currently operating more than twenty globally recognized programs that have been helping enhance consumer trust in business for more than 50 years. Between the BBB’s internal processes and RMAI’s RMCP program, organizations are working tirelessly to promote above-and-beyond trust and transparency in the receivables management sector.
Learn More Online
To learn more about the certification process, and to explore how RMAI’s various certification programs fit within their ongoing efforts to enhance the receivables industry, please visit their website. The RMAI certification program’s journey highlights how every organization within the industry has had to adapt, evolve, and enhance its processes to remain not only compliant but also trustworthy.
About Crown Asset Management
Founded in 2004, Crown Asset Management, LLC (CAM), is a professional receivables management firm that outsources purchased accounts to a nationwide, proprietary network of collection agencies and law firms. Crown Asset Management is an RMAI Certified Receivables Business headquartered in Duluth, GA. CAM’s certified team members currently include Annie Gonzales, Brian Williams, Deidra Bowman-Alexander, Dave Ross, Joel May, Lana Taylor, Linda Varner, Patrick Green, Rebekah Luebcke, Shannon Eckert, and Sharn Fuller.