Veteran Industry Practitioner Shares 5 Key Business Cases for a Data Quality Scanner Proof of Concept in 2025

Introduction

Kevin Moss, a veteran industry practitioner, board member, and advisor in Lending and Payments, recently shared a blog post on five strong business case areas supporting the need for lenders of all sizes to do a proof of concept with innovative RegTech solutions like the Data Quality Scanner in 2025.    

We thank Kevin for his perspectives and have included the original post below. You can also check it out on his LinkedIn. 

Kevin’s Post

Happy new year to my LinkedIn connections. One of my many New Year’s resolutions is to blog more this year on products and services that can help the fintech community improve its risk and compliance controls. I caught up with my good friend Brian Reiss, Board Chairman and Co-Founder of Bridgeforce Data Solutions and I quickly realized what my first blog of the year was going to be about.  

The topic of our discussion was their Data Quality Scanner offering, which provides an end-to-end solution to improve the accuracy of credit reporting and disputes quality/consistency.  Overall, it is the only solution I have seen that provides lenders with the ability to measure and monitor credit reporting data issues in furnishing and disputes, data issues from credit bureau transformations, and data issues that are unresolved or caused by Dispute Agents.  

There is a strong business case supporting the need for this solution. Here are my five thoughts on why it is important to do a proof of concept with Bridgeforce Data Solutions: 

  1. Reduce regulatory fines and litigation exposure for FCRA related credit reporting and disputes problems: This is a real financial impact, both in terms of fines and penalties, as well as reputational damage

  2. Reduction in operational costs: Improving reporting accuracy will reduce incoming phone calls to operations as well as the volume of disputes. The magnitude of benefit will be meaningful.

  3. Reduction in complaints: Using the Data Quality Scanner will reduce both direct and regulatory complaints around credit reporting, a meaningful category of total complaints.

  4. Fraud avoidance: Smart and data driven organizations are realizing that this is another area that both third party and first party fraud is occurring. Integration with your fraud team will result in fewer losses and more data for investigations teams.

  5. Better scores for credit decisions: Improving the accuracy of credit reporting will lead to better credit decisions for all lenders.

     

I also have a hypothesis that this may also lead to some modest improvement in fair lending compliance, as I believe that the populations benefiting from these capabilities are more likely to be protected classes. Please reach out to me or the Bridgeforce Data Solutions team if you have an interest in learning more about their product offerings.

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