Recovery Database Network Partners with RISC to Identify Compliant Service Providers
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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