In keeping with its goal of serving all professionals within the collateral recovery industry, Recovery Industry Services Co. formally introduced the Buy-Here, Pay-Here Collateral Recovery Certification Program.

RISC said this comprehensive certification program has been endorsed by the National Alliance of Buy-Here, Pay-Here Dealers and is designed for BHPH stores that service their own in-house repossessions. 

Officials highlighted the program covers all aspects of the self-help repossession process, including applicable federal and state laws.

“Courts are holding lenders directly liable for the acts of individuals they hire to service repossessions,” RISC president Stamatis Ferarolis said. “It is vital that those who offer automobile financing and those who perform self-help repossession services have the knowledge and professional expertise to manage the inherent risks associated with the self-help repossession process.”

As an advocate for those involved with the self-help repossession process, RISC wishes to see that only certified, insured recovery agents handle recoveries. 

For BHPH dealers and those stores considering handling their own in-house repossessions, RISC insisted the BHPH Collateral Recovery Certification Program will be vital in ensuring they make the right decisions to mitigate the inherent risks.

“That is paramount to ensure the safety of the employee and general public and will only happen through proper training,” Ferarolis said.

For more information, dealers can send a message to RISC at services@RiscUS.com, call (866) 996-7472 or visit the company’s website at www.RiscUS.com.