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Credit Reporting Compliance

Improve your data quality by proactively identifying and resolving account-level issues

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How certain are you that you can trust the data that leads to your success in the lending business? – from the external data you furnish to Consumer Reporting Agencies (CRAs) & Nationwide Specialty Consumer Reporting Agencies (NSCRAs) to the internal data you use for managing your customer relationships.

Data Quality Scanner® Solution

Reporting accurate data to CRAs & NSCRAs is critical, and our Data Quality Scanner® Solution (DQS) is the most powerful solution available to help you do that. DQS was developed from scratch for data furnishers, and it shows: It helps you proactively self-identify and resolve account-level discrepancies before they become disputes, complaints, or regulatory risks.

Decrease your credit reporting dispute rates by over 30%.

DQS DRIVES SIGNIFICANT REDUCTION IN DISPUTE RATES

Over a two-year period post implementing DQS, while industry-wide CFPB credit reporting complaints increased dramatically, this large super-regional bank leveraged DQS to improve their overall credit reporting accuracy and reduce dispute rates by over 30%.

Go beyond what internal solutions or reject and error reports offer to understand what’s really in your reporting files.

LEVERAGE OUR TABLEAU REPORTING SUITE TO DRILL DOWN INTO ACCOUNT-LEVEL DETAIL

Powered by Tableau, this example illustrates how users can investigate root cause and determine the remediation actions needed to improve credit reporting accuracy.

Prioritize your limited resources in the most impactful ways, and detect new issues before they impact large numbers of customers (instead of only learning after the complaints and disputes arrive).

TYPICAL DQS CUSTOMER JOURNEY

Baseline results are established with two months of data, after which customers review results and prioritize their action plan. As changes are implemented, DQS is used for regression test analysis to ensure changes are accurate and nothing else breaks.

Automated Controls

How do you know if your external data matches the data in your internal systems, or if your internal systems match each other? Our cloud-based, automated controls enable you to identify inconsistencies that can lead to costly disputes, complaints, or regulatory inquiries quickly and easily.

Proactively reduce the risk of credit reporting issues and disputes related to mismatches between internal systems and external reporting.

Improper mapping between Systems of Record (SORs) and Metro 2 files are a major industry challenge. Automating the ongoing reconciliation helps identify root issues and reduce customer impacts.

RECONCILE MISMATCHES BETWEEN INTERNAL SYSTEMS AND EXTERNAL CREDIT REPORTING
READ OUR FAQS ON DATA INSPECTION AND COMPLIANCE FAQ
Senior Executive, Top Bank
★★★★★
Within the first year of DQS, it helped us improve our credit reporting accuracy—a 70% reduction in discrepancies. DQS directly contributed to the effective rating on our FCRA audit.
Robert Eison, Chief Operating Officer for Equifax United States Information Solutions (USIS)
★★★★★
Data furnishers play a critical role in today’s credit ecosystem. As a trusted steward of consumer data, Equifax is committed to investing in practices and partnerships that help us better support customers in ensuring accurate data reporting. Joining forces with Bridgeforce supports this commitment by helping furnishers referred from Equifax enhance the quality of their data, resulting in improved accuracy, lower dispute rates and reduced compliance risk.
Senior Executive, Top 20 Credit Union
★★★★★
We could not believe how easy it was to get started using the Data Quality Scanner. With other vendors, we’re used to drawn out projects with many hurdles and unexpected challenges. That has not been the case here, thank you so much!
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Reduce credit reporting dispute rates by more than 30% and overall operational expense

Related Resources

Can your credit reporting practices withstand increased regulatory scrutiny? Take our free Credit Reporting Self-Audit to see if you are ready.

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