In 1991, a growing concern for the future of the collateral recovery business prompted the establishment of the CCRS program. The object was to provide a course of information and education within the industry, elevate the professional image of the participants, and add credibility to the true professional in the industry.
The Society of Certified Recovery Specialists was formed to administer the certifying rules and standards for the CCRS program. The original “Society” members were appointed by the major repossession associations. Their first meeting was in New York in 1992.
The "Society" is now Society of Certified Recovery Specialists Inc., a "not for profit" corporation. The Board of Trustees consists of four members, one member from each of the following associations: National Finance Adjusters, American Recovery Association and Time Finance Adjusters. The Board establishes the certifying rules and standards for being certified as a recovery specialist. The Board may require additional requirements at any time to maintain certification as a recovery specialist.
The initial requirements to become a CCRS are: Three years in the profession as owner of a recovery business, licensed in their state (if required) a minimum of $1,000,000 Bond, four references from financial institutions for which the applicant has done recovery work, no unresolved grievances with a recovery association, the completion of the “Society” course on repossession laws, and satisfactory completion of a written test on that course.
CRA (Certified Recovery Agent) is a new certification program developed for the field representatives working for a CCRS. The CRA must complete on-the-job-training from the CCRS, take a course on repossession laws and procedures (provided by the “Society”) and pass a written test on the subject.