RSIG Repossession CRA Training
The repossession industry has grown and evolved over many years. With that growth has come both positive and negative changes that have impacted our industry. One of the more substantial impacts has been an increase in repossession related insurance claims. In recent years, the number of claims has risen as well as the dollar amounts paid out for these claims. This increase has had a trickledown effect on repossession service providers and you as lending institution “clients”. These losses impact all of us, both directly and indirectly. When insurance claims go up so do the premiums. The end result is that the cost of operation for a legitimate repossession company goes up.
As leaders of an industry, we have the responsibility to serve our membership and our clients in the most responsible capacity that we can. At Allied, our members must meet strict underwriting guidelines. These guidelines include but are not limited to a credit check and a criminal background investigation and physical office and storage location inspection. Because we provide our clients with a one million dollar client protection bond, our members must be bondable. Our members must possess the correct industry standard insurance coverage. They must possess the correct equipment to provide repossession services and have an acceptable business location from which to conduct that business. Once a member is approved in to our association, they must perform their services within our code of ethics and the by-laws of our association. Additionally, the member is required to become “certified” in the state that he or she operates.
Like Allied, RSIG has a commitment to professionalism in our industry. We share the common interests of industry training and education. RSIG has made this training available to the entire industry no matter who their insurance carrier is, what trade association they belong to or which lending institutions they are employed by. It is through this training and education that we minimize the potential loss exposures of the repossession process for our businesses, our clients and our insurance carriers. The RSIG State specific certification courses have become recognized as the benchmark of repossession certification training. So much so that multiple State governing bodies have called upon RSIG, in request of guidance in developing their own laws and continuing education criteria.
Lenders or AFA Members, If you have any questions give us a call! (703) 365-0199 ext. 214.