The collateral recovery specialist and his client had been sued for a bundle. The collateral recovery specialist is on the witness stand anxiously awaiting questioning by the Plaintiff’s attorney.
The Plaintiff’s attorney approaches the jury and begins, “ladies and gentlemen, the courts have determined that there are “inherent” risks associated with the act of self-help repossession. As a result of those determinations, the courts have ruled that this defendant, as a collateral recovery specialist and the lender who hired him are directly liable for violations of law arising from his actions”.
The attorney continues. “The act of self-help repossession is considered to be one of the most invasive acts allowed by law. There is the enormous potential for liability, litigation property damage, physical injury and other abuses. I submit to you that an individual who chooses this potentially dangerous profession and cannot offer proof of his professional competency greatly increases the danger to the public. And the creditor, along with those who cannot show proof of their professional credentials should pay the price for such arrogant indifference to the public safety”.
“By law”, the attorney continues, “a repossessor is allowed to go onto private or public property, day or night, seven days a week and seize certain collateral without legal assistance.”
The attorney then turns to the collateral recovery specialist and asks, “Now sir, will you tell this court what kind of training you have had that establishes your credentials and professional competency in the field of collateral recovery. Is there an accepted specific curriculum of training and professional certification available that is recognized by the collateral recovery profession which establishes your professional qualifications and competency, and if so, have you earned your certification through that program?”
If that collateral recovery specialist cannot then show proof to the court that he/she has satisfactorily completed a nationally recognized certification course guess what….he just lost his case, his employer just lost his case, the insurance carrier just lost their case, and the lender client just lost their case!
It is no secret that there is a proliferation of lawyers into the self-help repossession process. There is no secret as to why this is happening, and there is no secret that the above scenario is all too real.
With the courts ruling that the creditor is liable for the acts of the collateral recovery specialist, with the requirements of the creditor that the recovery specialist carry huge amounts of insurance, it was only a matter of time before the legal community began to recognize the opportunity to collect from insurance carriers and, better yet, reach the “deep pockets” (creditors).
It has become imperative that we, as professionals avail ourselves of the “credentials” that distinguishes us as competent, certified professionals just as other professions must do.
When you think about it, professional certification curriculums within any profession is simply information. And information is the most important commodity in the world today.
We attempt, on every repossession assignment we receive to obtain all the information we can from the client. When we skip trace, we find our skip by developing information. We learn how to do our jobs more effectively by ingesting more and more helpful information.
The information we glean from professional training and certification curriculums not only enhances our image to our peers and our clients, it enables us to do our jobs more efficiently, more safely and more profitably, and it places us ahead of our competition which may not recognize the importance of professional certification.
With the courts rulings and with lawyers “watering at the mouth” from the prospects of litigating against the collateral recovery specialist, the insurance carrier and the creditor, it is imperative that these three industries realize the importance of, and require professional training and certification of those who perform self-help repossession services.
Those training and certification programs are available to collateral recovery specialists and you can learn about them by visiting our website, www.RiscUS.com. Show your clients and prospective clients that you desire more than just being good at your profession….you desire to be the best.
Director of Education