Because courts have held that “the secured party is responsible for the actions of the collateral recovery specialists they hire”, creditors are becoming acutely aware of the need to hire only those who are professionally certified to service their repossession assignments. In the event of litigation, creditors can reduce their liability by showing that the hiring of their collateral recovery specialists was based on their professional credentials rather than hiring based on price.
The client services offered by RISC are designed to provide the lending community with the criteria for making informed choices in the hiring of their collateral recovery service providers.
- Professional training and certification of the collateral recovery specialists they hire
- Inspection Services
- Verification of proper insurance coverage’s
- Training manual for lender collection staff
- Background checks
- Industry Standards
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