REDWOOD CITY, Calif. -

Extending its efforts to help automotive lenders efficiently select agents for asset recovery, Recovery Database Network announced that members of the Recovery Industry Services Company (RISC) Compliant Agent Network (CAN) will be identified within RDN’s recovery management software during the agent selection process.

Officials explained RISC CAN Members will be tagged with a RISC CAN logo within RDN’s recovery management software on both the approved agent selection screen and the agent selection screen for new and reassigned cases.

By clearly identifying RISC CAN members, RDN is aiming to enable lenders to quickly identify certified recovery service providers.

“The RDN team understands that CFPB compliance is a key issue for lenders,” said Zach Hallowell, chief operating officer of RDN.

“Being able to distinguish independently vetted recovery service providers is crucial for compliance efforts, and launches the asset recovery process toward a successful conclusion,” Hallowell continued. “We’re pleased to partner with RISC and offer lenders a way to select recovery agents in a more intelligent, discerning way.”

Established in 2009, RISC president Stamatis Ferarolis insisted the company has quickly become one of the leaders in the fields of risk management, recovery industry compliance standards and certification training.

Recovery service providers that are members of RISC CAN have been qualified by RISC with a site inspection of the provider’s facility as well as background and bankruptcy checks. RISC CAN members are also certified for professional competency through the Certified Asset Recovery Specialist (CARS) National Certification program.

RISC’s Vendor Compliance Reporting (VCR) system is designed to continually monitor each member to ensure standards are maintained. In addition, RISC CAN members are covered by a $1 million client protection Bond.  

“By highlighting RISC CAN members, RDN is helping its clients make a more informed choice during the agent selection process,” Ferarolis said. “The peace of mind that comes with knowing that a recovery agent is fully compliant with the toughest industry standards is invaluable.

“Agents that are members of RISC CAN reduce a lender’s liability exposure,” he went on to say. “That increases confidence in the overall recovery process and allows lenders to focus on the other important aspects of their business.”

For more information about RDN’s identification of RISC CAN members, contact RDN at (817) 204-0298, select option No. 2.

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