What You Need to Know About ARA’s Compliance Monitoring System

The American Recovery Association’s Compliance Monitoring System was designed to be a state-of-the-art program utilized by every sector of the recovery industry. It provides a cost-effective, secure and safe platform to store and monitor compliance information on behalf of the individual repossession agency, which can be made accessible to potential or present clients.

ARA’s subscription-based solution allows for every repossession agency, regardless of size, to realize the benefits. All repossession agency information is STRICTLY confidential, and only released directly to clients, and only upon the written approval by the agency itself. Through this single, transparent and cost-effective location to house information, the industry has a reliable source for clients to find agencies that have been credentialed through any one of a number of credentialing organizations, rather than have individual agencies seek information warehousing through various third-party platforms.

Here are a few facts to know about ARA’s Compliance Monitoring and why we are different from our competitors:

There is no requirement for the agency to be a member of the ARA to utilize ARA’s Compliance Monitoring.
There is no requirement for an agency to utilize the training or certification provided by the American Recovery Association. This training is available through ARA, but if an agency prefers to utilize another source, then ARA’s CMS simply verifies, warehouses and monitors those credentials.
An agency can host credentials regarding training and compliance provided by programs like Certified Asset Recovery Specialist (CARS), Recovery Specialist Insurance Group (RSIG), Certified Collateral Recovery Specialist (CCRS), or any other that has been approved by a significant auto-lending creditor. The system is intended to be agnostic as to the source of these credentials, simply a single source for clients to access them.
The ARA Compliance Monitoring System monitors background checks, drug screening, and other services on behalf of the repossession agency as part of the program.
Every mandated document is verified before being entered into the system.
Every insurance document is verified quarterly.
There is no NPPI on any business or owner in the system to be used in an unauthorized manner. It is vital that every participating agency know that their confidential information is guarded and only accessible to clients and the monitoring process.
Access to all compliance documents in the system is controlled by the individual agency and only can be accessed through the written permission of the business owner or management.
Already warehousing over 400 site inspections, ARA is developing a superior inspection and verification process – one source to access a single, verifiable site inspection. The current structure of multiple and various site inspections requested from a variety of sources is time-consuming and expensive.
Auto lending clients across the US are spending tens of thousands of dollars a year to research and track the evolving repossession-related laws and regulations in all 50 states. ARA’s subscription model allows us to share this information at significant cost savings for all stakeholders.

Want to learn more about accessing ARA’s bold and innovative Compliance Monitoring System? Read on for more steps to access and learn why ALL members of the industry should utilize this program.