Redwood City, Calif. — Extending its efforts to help automotive lenders efficiently select agents for asset recovery, Recovery Database Network (RDN) today 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.
“The RDN team understands that CFPB compliance is a key issue for lenders,” said Zach Hallowell, COO 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. 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 has quickly become a leader 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 (C.A.R.S.) National Certification program. RISC’s Vendor Compliance Reporting (VCR) system continually monitors each member to ensure standards are maintained. In addition, RISC CAN members are covered by a $1 million Client Protection Bond.
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 enables lenders to quickly identify certified recovery service providers.
“By highlighting RISC CAN members, RDN is helping its clients make a more informed choice during the agent selection process,” added Stamatis Ferarolis, President of RISC. “The peace of mind that comes with knowing that a recovery agent is fully compliant with the toughest industry standards is invaluable.” Ferarolis continued, “Agents that are members of RISC CAN reduce a lender’s liability exposure. 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, please contact RDN at 817-204-0298, select option #2.
RDN is a provider of software and data solutions related to the recovery of assets for the automotive finance industry and is a subsidiary of OPENLANE, Inc. OPENLANE is a leading provider of online automotive auction platforms and is itself a subsidiary of KAR Auction Services, Inc.