Understanding the importance of operating within the boundaries of state and federal regulations is the foundation of the Accounts Receivable Management (ARM) industry. Vigorous and ever-changing regulations impact daily operations, long-term strategies, and collection efforts in every state. One way to demonstrate your commitment to compliance and uphold the highest industry standards is by becoming an RMAI Certified Receivables Business (CRB).
The Receivables Management Association International (RMAI) is a trade association that represents the debt buying industry. RMAI offers certification to debt collection companies that meet certain criteria, including compliance with state and federal regulations and self-regulating standards of best practice. Here are a few of the traits that an RMAI CRB will have:
1.Collection Agencies that Demonstrate Industry Self-Regulation
Being an RMAI certified receivables business demonstrates your company’s commitment to self-regulation. It shows that your company is willing to go above and beyond what is required by law to operate ethically and responsibly. This can help build trust with regulators, legislators, and other stakeholders.
2.Collection Agencies that are Respected by Regulators, Legislators, and Creditors
RMAI certification is widely respected in the industry. It shows that your company is committed to ethical practices. This can help build relationships with regulators, legislators, and creditors, who may be more likely to do business with an RMAI CRB. Building your company’s reputation in the industry opens doors throughout the financial services landscape, as well. Networking events, network partnerships, and other long-term contracts are often only given to those upholding the highest industry standards. RMAI certification demonstrates that your company is committed to ethical and responsible debt collection practices.
3.Collection Agencies that are Engaged with the Ever-Changing Environment
Debt collection is a highly regulated industry, and the rules often vary from state to state. By becoming a CRB, you can ensure that your company is complying with all relevant state and federal regulations. RMAI certification requires a rigorous review of your company’s policies and procedures to ensure all industry best practices and applicable laws and regulations are being closely monitored.
However, RMAI Certification isn’t a snapshot of your organization’s successes. As an RMAI certified receivables business, you’ll be required to stay up-to-date with these changes through ongoing education and updated certification requirements each year. This helps ensure that your company is consistently and continually operating within the latest guidelines and best practices.
4.Collection Agencies that Demonstrate a Commitment to Compliance
One of the key benefits of RMAI certification is that it demonstrates your company’s commitment to compliance. RMAI certification requires a thoughtful and audited review of your company’s policies and procedures to ensure that they meet industry best practices and adherence to all laws and regulations. This can help you avoid costly fines and lawsuits, as well as build a positive reputation with clients, regulators, and consumers.
Becoming an RMAI CRB is a valuable investment for any debt collection company. At Superlative RM, our leadership team utilizes the intrinsic values RMAI provides to influence our technology, core practices, and even our core values. Throughout changes in society, government, politics, and technology, Superlative RM’s core values are still the values by which we abide. Our values of creating a WOW factor with every consumer, doing it right from A to Z, and collaborating at every opportunity underline our work, how we interact with each other, and which strategies we employ to fulfill our mission.
Learn More Online
To learn more about how Superlative RM utilizes our RMAI CRB Certification to better serve our clients and consumers alike, visit our website. To discover more about RMAI or the RMAI Certification Process, visit rmaintl.org.
About Superlative RM
Superlative RM (SRM) is an accounts receivable management company that assists our clients by contacting consumers to resolve outstanding account balances. We are nationally licensed and work diligently to follow all current state and federal guidelines. Superlative RM bridges the gap between creditors and consumers by innovating user-friendly, digital account resolution options.