At the time the
Data Quality Scanner™ (DQS) was first contemplated, we had been working with furnisher clients
on Consumer Reporting Compliance (e.g.,
consumer reporting, disputes, and credit report data usage) needs for years. As part of these
efforts, we often assisted with Metro 2® file audits for clients.
The purpose of this was simple: validate that the Metro 2® files the
furnisher was sending to the credit bureau were logical and did not contain
discrepancies. This allowed the furnisher to reduce the risk of errors
in their files and also provide an ongoing internal benchmark for accuracy
and integrity to measure against.
As we continued with these types of projects, the industry evolved—but
at a cost. For example, we view the Metro 2® file audit as one of
many compliance components required to ensure accurate data-furnishing
to the CRAs. It can take nearly two weeks of manual effort to complete
this review each time. Additionally, this type of work takes very specialized
skill sets and there is a limited number of people in the industry who
know Metro 2® well enough to provide credible challenges to the findings.
These obstacles all led to an idea—if we automate our Metro 2®
audits, this will give us time to help additional clients address their
more complicated needs.
Fast forward a year following the completion of our first build of the
Data Quality Scanner™. We’d begun to add a scan of our clients’
files in each of our Consumer Reporting Compliance engagements. We could
now deliver the same value as in the past, but much quicker and at a lower
cost to our clients. This enabled our Metro 2® experts to now focus
on helping clients with other strategic initiatives—a critical need
given the increased CFPB focus on Consumer Reporting Compliance.
Data Quality Scanner™ Usage Expands
Initially, we had not expected that we would use the Data Quality Scanner™
for anything other than an internal tool to help deliver consulting services.
However, clients repeatedly asked how they could continue to use the tool
even after the engagement ended. We had not intended to provide the tool
separately from our consulting services, but it did make sense. As a
risk management-focused consulting firm, our objective is to add value to our clients. Period. If we can add greater
value by leaving behind a software tool to help clients complete a Metro
2 file audit independently and with more frequency (e.g. monthly, as part
of regression testing), it would be a win-win.
About 12 months later, we installed our first production instance of the
Bridgeforce® Data Quality Scanner™ and have improved the tool
and will continue to provide future enhancements. We are proud that the
tool we initially developed to help our team manage workload can now be
shared with all our clients. We are well on our way to our ultimate goal
of helping each client become self-sufficient in their own Consumer Reporting