The Repossession Industry: Why do we need Education and Training?

May 31, 2020 0 Comments

By Holly Balogh / President @ RISC

You’ve seen the complaints. Education is unnecessary. Education is expensive.  It’s true! Education and certifications take time, cost money and on the surface might seem like wasted time and effort. So why do we need it? Before we answer that question, let’s take a moment to look at other jobs that require a license or a certification in order to operate. 

Licenses and/or certifications are required for professionals in many jobs throughout the United States.  These jobs are varied. Some not only require certification and licenses, but also require college or technical education in addition to being eligible to become licensed.  Consider the following professions: teachers, land surveyors, doctors, lawyers, cosmetologists, real estate agents, therapists and electricians are all professions that require a professional certification.  Many of these jobs also require ongoing continuing education, or CE, in order to maintain a license to perform services in that industry year-over-year. In each of these industries, the safety and security of the individuals and adherence to law are the focus of ongoing licenses and certifications.

Let’s compare these industries and their required education to repossession industry training  When conducting a vehicle repossession, there are multiple federal and state laws that are in play during the self-help repossession process. In many cases, the repo industry is one of the highest regulated industries.  Do you know the following laws and what is and is not allowed during the repossession process?  Consider UCC, FDCPA, UDAAP, GLBA, RFPA, SCRA, ADA, TRPPA, TCPA, FCR, and the ECOA.  These acronyms summarize the most important applicable federal laws which dictate the process for repossessing a vehicle. 

What about state laws? Are you familiar with your state’s regulations for personal property storage, or the regulation of consumer credit transactions? Do you know how these unique requirements vary by state?

In order to protect the debtor, yourself, your company, and the lender, you must know and adhere to federal laws and the laws of your state.  Much like the other professional industries described above, repossession is no different.  The professionalism of any individual that comes in contact with a debtor is in play and following law is the key to staying safe.

Taking a repossession industry training course and obtaining a certification is one of the best ways to ensure an understanding of federal and state laws that you must follow.  Luckily, certification courses are now online and easy to obtain. The most widely used certification for the collateral recovery industry is CARS or Certified Asset Recovery Specialist from RISC. You are no longer expected to travel far distances and sit in a classroom to become certified.  And, one course can typically cover you in all 50 states and with almost all lenders who you may do work for. Taking an initial certification and ongoing continuing education may be time-consuming, but in the end, your professionalism and dedication to the industry are demonstrated through your certification. Employers will look for this certification and it will help you rise to the top of the pile.

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