American Recovery Association, Inc. (ARA) was originally chartered on July 22, 1965 in the State of Minnesota as the American Repossessors Association, Inc. It was a wholly owned repossession division of the American Collectors Association, Inc., which was headquartered in Minneapolis. On August 15, 1972 the name of the American Repossessors Association, Inc., was changed to our present name, the American Recovery Association, Inc. On February 3, 1976, the American Collectors Association, Inc, transferred all of its stock in the American Recovery Association, Inc., to our members.
These changes were the result of very progressive and innovative thinking directed towards our goal of providing lenders across the country with a more specialized and more professional service. ARA is composed of highly skilled repossessors whose specialty is locating and recovering mortgaged collateral. By 1976, ARA had grown to be the largest association of its kind in the world. In August of 1979, ARA moved the headquarters to New Orleans, Louisiana until 2005 when Hurricane Katrina destroyed the home office. ARA is now headquartered in Dallas, Texas.
The concept behind ARA is to provide the lender with not only repossession and related services, but to provide these services through members who are of the highest caliber in professionalism, honesty, integrity, and expertise. In order to assure this goal is met, specially formed regulatory committees become the fiber of ARA. Our Board of Directors is elected by the membership. Those elected contribute their time to govern and improve our Association. The President appoints other members to serve on certain committees necessary for the regulation and improvement of the Association.
American Recovery Associations’ Structure
The prestige of being a member of ARA precipitates hundreds of membership applications. In order to preserve our reputation and high standards, a committee composed of at least three members reviews, screen, investigates and either accepts or denies membership privileges to these applicants.
Our grievance committee, composed of at least three members, acts as arbitrator and diplomat in properly, efficiently and amicably setting any disputes that might arise between you, our client, and any member of our Association.
Although the total number of committees is too numerous to list individually, it is important to note these committees are working for you.