The American Recovery Association’s New Compliant Light Software System Ensures Its Members Are Certified and Compliant
IRVING, Texas – Nov. 22, 2013 – The world’s largest recovery and remarketing association, American Recovery Association (ARA), recently launched a new compliance monitoring software system to help its lenders view the compliancy of all available recovery agents. The new software was created in response to the recent compliance regulations set out by the Consumer Financial Protection Bureau (CFPB).
The association has also created a set of minimum compliance standards and documents that all members should adhere to in order to become fully compliant. These include: an automobile or repossession insurance certificate, a workers’ compensation certificate, state license, business license, site inspection and national certification. Once ARA has received all six of the required documents, the company’s compliance lights will then be “turned on”.
ARA’s recovery management software monitors and rates its recovery agents based on a 3-light system. If the agent’s compliant light is green, ARA has received all six of the required documents, meeting ARA’s minimum compliance standards. If the agent’s light is yellow, this is a warning that a compliance document on file is within 10 days of expiring. Lastly, if the agent has a red light, a compliance document has expired, therefore not meeting ARA’s compliance standards.
“ARA is the only trade association to provide such information to its members,” said Jim Hall, President of the American Recovery Association. “This new compliance monitoring functionality will bring an added value to our members and will ensure that our clients work with the largest network of certified and compliant recovery and remarketing professionals in the country.”
ARA is working to ensure that all of its members are certified and compliant partners in the recovery and remarking industry. The new software can be found on ARA’s “Find A Recovery Specialist” component on the association’s revamped website: www.repo.org.
About American Recovery Association, Inc.
American Recovery Association (ARA) is the world’s largest association of recovery and remarketing professionals. ARA members specialize in locating and repossessing collateral on behalf of lending institutions including banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. A non-profit association, ARA members serve 27,000 national and international cities. All members are certified independent business operators. For more information, call 972.755.4755 or visit the website at www.repo.org.