SACRMENTO, Calif. — The RMAI Certification Board announces the adoption of version 10.0 of the Accounts Receivable Management Certification Program (RMCP) after a seven-month development and review process. Several important enhancements were added to the program in version 10.0, including requiring certified companies to:
- Maintain a cybercrime insurance policy.
- Maintain a policy that prevents discriminatory collection practices.
- Note any consumer communication restrictions and pass these restrictions on as appropriate.
- Obtain specific data and documents when buying or selling installment loans (fintech and traditional).
“As we launch version 10.0 of our national certification program, it is humbling to see how far RMAI has come in developing uniform standards of best practice for the receivables management industry,” said Adam Parks. , President of the Receivables Management Association International (RMAI).
“As we prepare for our second decade of promoting 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 that RMAI certification brings to both audiences as we continue to see a reduction in complaints and litigation against RMAI certified businesses.
For more information on RMAI certification for eligible businesses and individuals, please visit the RMAI website at www.rmaintl.org/certification. For more information on version 10.0, see our program overview.
About Receivables Management Association International
Receivables Management Association International (RMAI) is a non-profit trade association representing more than 590 companies that support the purchase, sale and collection of performing and non-performing receivables in the secondary market. The RMAI Accounts Receivable Management Certification Program and Code of ethics setting the global standard within the receivables industry due to rigorous uniform standards of best practice that focus on consumer protection.
More information about RMAI is available at www.rmaintl.org.