Bridgeforce Data Solutions (BDS), a leading financial technology firm, recently developed a new Data Quality Scanner (DQS) Disputes Module. This patent-pending solution leverages the combination of BDS’ Data Quality Scanner (DQS) Furnishing Module credit reporting accuracy rules, Metro 2® data, and ACDV data to create first-of-their-kind credit bureau disputes insights and benchmarking that significantly improves outcomes and reduces costs.
“Our new DQS Disputes product is the result of a recent idea leveraging knowledge and tools we have built over the years in a new way, enabling us to go from product concept to launch readiness in less than 60 days,” said Matt Scarborough, CEO of Bridgeforce Data Solutions. “As a result, consumer lenders of all sizes can now see their customers’ data journey end-to-end for the first time. This mitigates the #1 CFPB Complaint and Consumer Litigation Area and improves the customer experience.”
Credit reporting data quality and disputes handling continues to receive intense regulatory scrutiny. Credit reporting alone accounted for 81% of all 2023 complaints submitted to the CFPB and increased to over 1,000,000 complaints, which represents a 73% increase over 2022 complaint volumes. Additionally, FCRA Litigation continues to rise for 10+ years straight.
DQS is the only automated compliance and benchmarking solution for credit reporting and disputes. Utilizing the robust ruleset from the DQS Furnisher Module, the new DQS Disputes Module leverages Metro 2® Data and ACDV data to help lenders of all sizes gain further insight into costly disputes and revolutionize the insights that can be provided across datasets within the following areas:
Credit Bureau Data Handling
- Furnishing conflicts: Data in credit bureau’s files does not match what was furnished (see uniquely for each credit bureau)
- Dispute conflicts: Data in the credit bureau’s files does not match the dispute response
- Origin issues: Data discrepancies in Metro 2® for accounts that are disputing
- Conflicts: Data discrepancies between ACDV responses and the next Metro 2® file
- See the specific rule-based scenarios that commonly result in successful dispute resolution, unresolved data discrepancies, and/or new data discrepancies
- Identify education opportunities overall and for specific analysts to enhance accuracy, completeness, and consistency
Cross dataset insights in these areas enable furnishers to comprehensively assess the accuracy of their Metro 2® Data against a ruleset of 390+ risk-ranked rules and uncover data changes and discrepancies between Metro 2® data, credit bureau data (ACDV requests and responses), and the next Metro 2® file. Furnishers can now understand what was furnished or match what was in the dispute response with the Credit Bureaus and identify educational opportunities overall when data does not match. It will also help specific Dispute Agents enhance the accuracy, completeness, and consistency of dispute responses.
For more information or to schedule a demo of the new DQS Disputes Modules, please contact:
VP of Product and CRM
About Bridgeforce Data Solutions:
Bridgeforce Data Solutions is a financial technology firm that provides automated compliance and benchmarking solutions for credit reporting and disputes to help consumer lenders of all sizes inspect, benchmark, and optimize their credit bureau data.