OCALA, Fla. -

In keeping with its goal of providing professional certification and compliance training documents to the collateral recovery and lending industries, Recovery Industry Service Co. has been working with the National Alliance of Buy-Here, Pay-Here Dealers to provide these services to BHPH dealers.

Company officials intend to offer crucial repossession training and compliance materials during the NABD's 15th annual National Conference next month at the Wynn in Las Vegas.

RISC president Stamatis Ferarolis insisted BHPH dealers are required to meet mandates of the Consumer Financial Protection Bureau just as lending institutions do. 

"If BHPH dealers also perform their own in-house repossessions they must face recovery compliance mandates as well," Ferarolis said.

In working with NABD, Ferarolis explained that it's been RISC's intention to address the CFPB compliance mandates and assist BHPH dealers in the areas of self-help repossession activity and protecting Non-Public Personal Information (NPPI).

Ferarolis pointed out this information enables BHPH dealers to make more informed choices on whether they will handle their own repossessions in-house or assign those repossessions to certified, insured independent collateral recovery specialists. 

"Courts across the country are holding creditors liable for the acts of the collateral recovery specialists they utilize, so the decision of whether to train and use their in-house employees or independents is very important," Ferarolis said.

"Further, BHPH operators must train their employees to protect their consumers' non-public personal information from third-party disclosure," he continued. "For all these reasons, it is recommended that only certified, insured, independent collateral recovery specialists be used in recovery." 

RISC offers two training guides to mitigate risk:

—The BHPH National Certification Program

—The BHPH Compliance and Operations Manual 

Ferarolis indicated these programs are designed to train and certify BHPH employees who service in-house repossessions of their employer and assist BHPH operators in compliance.

RISC plans to participate in the NABD National BHPH Conference in Las Vegas May 21-23.

Operators are encouraged to discuss their particular needs with RISC during that conference or call us at (866) 996- RISC (7472) for further information.

And for more information about NABD's National Conference and preceding Training Academy, visit www.bhphinfo.com. Early bird discounts end April 28 and rooms at the Wynn for a nightly rate of $179 are more than 75 percent sold, according to NABD officials.

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