April 13, 2024

Repo Buzz

Collateral Recovery Repossession News And Directory


TAMPA, Fla. – 

Recovery Industry Services Co. (RISC) recently reached a new threshold of industry professionals completing its Certified Asset Recovery Specialist (CARS) and CARS-FC certification program.

Since it was launched in 2002, RISC tabulated that it has certified more than 10,000 individuals through its recovery agent training offering that is geared to meet the demands an ever-increasing focus on compliance.

RISC insisted that finance companies, forwarders and repossession professionals have sought standardized training programs and reporting to internal and third party auditors as well as the Consumer Financial Protection Bureau. The industry’s focus on compliance has created a surge in the number of companies that require CARS certification for all employees.

“Since June, more than 3,000 individuals have become CARS certified, with another 2,800 professionals currently preparing for the exam,” RISC founder Stamatis Ferarolis said.

“By the end of Q3, the nation’s five largest forwarding companies had certified all of their employees with CARS-FC, and more than 600 repossession companies have begun the process of having all their employees, not just their drivers, CARS trained,” Ferarolis continued.

“We are proud to be the only compliance certification program accepted nationwide by all lenders and forwarders,” he went on to say. “From the CARS certification program to vendor vetting to lot inspections, RISC has developed a comprehensive solution that ensures compliance by enforcing standards and teaching individuals how recover vehicles safely and handle sensitive data.”

This spring, at finance companies’ request, RISC created the Certified Asset Recovery Specialist-Forwarding Company (CARS-FC) training program as an extension of the industry standard CARS program. CARS-FC consists of a comprehensive set of applicable laws and regulations specific to forwarding company personnel to provide standardized training in all areas of compliance.

RISC recognized the following forwarding companies that committed and certified their personnel on the standard RISC CARS-FC program. RISC praised the commitment to the effort of standardized compliance of these firms, including:

• Primeritus Financial Services
• ALS/Resolvion
• American Recovery Service
• Del Mar Recovery Solutions
• Plate Locate
• Synergetic Communication


error: Content is protected !!