FAQs

Bridgeforce Data Solutions FAQs

Bridgeforce and Bridgeforce Data Solutions are all part of the same family, yet with distinct missions. Incubated at Bridgeforce, Bridgeforce Data Solutions develops scalable, repeatable solutions for the consumer lending industry, whereas Bridgeforce is a full-service consultancy focused upon bringing Real Experience and Real Results to help meet their individual client’s lending, payments, and deposit needs.

We offer automated solutions for Data Inspection & Compliance, and Analytics Insights. We couple those with deep, business-level subject matter expertise to provide clients with actionable insights predicated on the needs of their business.

Because our approach to business intelligence is fundamentally different. Most start with the data and look for what can be found in these big piles of data. We go the other way: leveraging deep expertise in lending businesses to define the questions and ongoing decisions that you need to answer in a data-driven way

Our Data Quality Scanner can be implemented in our PCI-Certified AWS cloud environment or on-premises at your site. Our reconciliation and credit risk solutions are currently only available in the cloud.

We work clients of all types and sizes in the consumer lending industry. Whether you’re a global financial institution, a startup, or somewhere in between, our scalable solutions can provide you with valuable, and cost effective, actionable insights.

Data Inspection & Compliance FAQs

The Data Quality Scanner (DQS) automated solution was developed to identify inaccurate and illogical credit reporting for data furnishers to help them proactively self-identify and resolve account-level discrepancies before they become disputes, complaints, or regulatory risks.

The DQS’ initial ruleset was for Metro 2® and contains over 380 risk-ranked rules to help data furnishers identify and prioritize reporting discrepancies. We have since expanded to multiple rulesets for NSCRA reporting to Early Warning Services (EWS) and ChexSystems.

We leverage Tableau to provide clients with robust and interactive reporting. Our reporting package contains a mix of summary statistics, trending analysis, and account-level detail to ensure clients can gauge performance, track progress, and drill-down into account-level discrepancies to identify the root cause.

Our automated reconciliation offering allows clients to have peace of mind that they’re externally reported data matches their internal systems. Provide us with your external reported files, and your system of record data, and we’ll do the rest.

Our default DQS implementation is in our PCI-Certified AWS cloud environment, though we do support on-premises installations. For the cloud, we take care of the hosting costs and offer a fully automated process via API for those interested. Our reconciliation services are only available in the cloud.

Data Insights & Analytics FAQs

Our analytic insights are focused on Credit Risk for consumer lending, spanning across the different business stakeholders, from Marketing & Prospecting all the way through Recoveries and Debt Sales.

Our foundational data source is the Metro 2 file, which contains a vast amount of rich data elements that alone can be used to provide meaningful risk insights in our baseline reporting package. The scope of insights can be expanded vertically through supplemental data sets from originations, bureau refresh, system of record, and deposits. Additionally, the horizontal scope of insights can be expanded with supplemental data types such as prospecting & outreach, transactions, collections, and fraud.

We’re unique because of our fundamentally different approach to business intelligence. We start with the end in mind – what are the actions you can take, and what do you need to know to take them? We then seek to understand where you are – what data and insights are you producing today, and how much can you trust it? Finally, we inform your future by providing you with the tools and insights to prioritize your next steps and iterate in data-driven ways.

From a BDS perspective that depends on two factors: the approach that you would like to take and the data involved:

  • Approach : For clients that would like to leverage our dashboards for creating actionable business insights, and are otherwise comfortable with their processes for making data-driven decisions, the length of the process is fully dependent upon the data. For clients preferring a broader approach, the strategic planning process generally requires 4-8 weeks and can be done in parallel with some of the efforts below.
  • Data : This category further divides into two: 1. How long it takes for the client to start sending us the data and, 2. How long it takes for us to turn the data into insights after receiving it. The first factor varies greatly by client, ranging from under 2 weeks to a few months. The second factor depends upon the data sets involved and varies from a few hours to a few weeks.

From an overall perspective, the longest part of the onboarding process is generally working through the vendor risk management and contracting processes. The length of time required for these processes vary greatly across clients, but we are experienced with these processes and work with you to make it as smooth as possible.

We provide a full range of advisory services for lenders through the combination of our own BDS team and our sibling consulting company. BDS focuses upon the infrastructure and closely-related services to facilitate data-driven decision making in scalable and repeatable ways, while Bridgeforce consulting helps clients with their broader needs.