Over the past decade, the Receivables Management Association International (RMAI) Receivables Management Certification Program (RMCP) has emerged as a pivotal force in the collections industry. Through a steadfast commitment to compliance and improving the industry’s overall customer experience, RMCP has achieved significant milestones, shaping the landscape of the industry.
Setting a Compliance and Customer Experience Baseline
RMAI’s RMCP has been instrumental in establishing a baseline that not only meets but exceeds federal and state standards for compliance while placing a strong emphasis on enhancing customer experience. By adhering to stringent guidelines, certified companies have demonstrated their dedication to ethical practices and customer-centric approaches.
This dedication extends beyond the initial audits and lasts throughout the lifetime of the organization’s certification, ensuring that organizations not only intuitively adhere to strict guidelines but also continue to operate under the best possible practices for years to come.
Facilitating Self-Regulation Through Punitive Actions
The RMCP’s real guiding principle, however, lies in the consequences an organization may incur should it fail to meet the guidelines. These punitive actions ensure only the most trustworthy and compliant organizations remain self-regulating and open for honest business.
The certification program has empowered the industry to function as a Self-Regulating Organization (SRO). This proactive approach creates accountability within the industry, fostering trust among consumers and stakeholders alike.
Additionally, the industry is still highly regulated from a government and legislation standpoint. Because of the RMCP, certified organizations not only enjoy a higher standing within the industry but also with those making laws and regulations that affect their day-to-day business.
Standardizing Data Requirements for Enhanced Compliance
RMCP has played a pivotal role in standardizing data requirements across various product types, thereby maximizing compliance and upholding a CX-focused approach to debt collection. By streamlining processes and enhancing transparency, certified members have elevated industry standards.
These data requirement standards ensure that every certified organization keeps their data secured against intrusions. This level of security, verified by third-party audits, allows outside organizations to build long-term relationships with trustworthy, certified organizations looking to build the reputation of the industry.
Inclusive Growth and Diversification of Membership
One of RMCP’s notable achievements is its inclusive approach to membership growth. The program has expanded to encompass diverse business member types, reflecting the evolving landscape of the association. This inclusivity fosters collaboration and knowledge-sharing among industry stakeholders.
One of the RMCP’s core principles has always been providing the necessary framework to open the industry to professionals striving for transparency. The growth and inclusion aspect of the RMCP was driven by the realization that the industry couldn’t rely on “who you know” but rather relies solely on “what do you bring to the table?” What was left is the fundamental truth that everyone has something to offer to the program and the industry.
Federal Recognition
RMCP’s status as a federally recognized program underscores its credibility and relevance in the regulatory domain. Mentioned in reports by authoritative bodies such as the Consumer Financial Protection Bureau (CFPB), RMCP serves as a beacon of compliance, consumer protection, and operational efficiency within the debt collection industry.
Because of this recognition, the RMCP’s commitment to meaningful involvement ensures that the program evolves in tandem with the changing regulatory environment. By engaging all member types in ongoing dialogue and adaptation, RMCP remains agile and responsive to emerging compliance challenges.
Learn More Online
To learn more about the Receivables Management Certification Program or the efforts RMAI has gone through to ensure the quality of this program through its many iterations over the last decade, please visit their website.
The RMCP is an incredible beacon for those looking to make a change in the receivables industry and has accomplished an incredible amount of things in a relatively short time. Because of the program’s accomplishments, many organizations are able to do business with better partners on more ethical and transparent grounds.
About The Bureaus, Inc.
The Bureaus, Inc. is a master servicer for accounts receivable portfolios and a Certified Receivables Business (CRB) by the Receivables Management Association International. Using cutting-edge technology, internally developed proprietary tools, and the vast expertise of its management team, we combine technological strategies with data mining capabilities to identify opportunities not usually found by other asset management firms. The Bureaus, Inc. was founded in 1928 and is located in Northbrook, Illinois.
