Automated Tool Reduces Credit Bureau Disputes
A large, super-regional U.S. Bank with a diversified mix of consumer lending products wanted to improve credit reporting accuracy and reduce credit bureau disputes
The Bridgeforce Data Quality Scanner Solution (DQS), an automated, independent, comprehensive diagnostic tool for reviewing credit reporting accuracy with more than 280 risk-ranked rules
- Over 30% decrease in average quarterly credit bureau dispute rate.
- Reduced DQS-identified discrepancies by 70% in the First year of using DQS.
- Dramatic reduction of compliance risk.
The client wanted to improve credit reporting accuracy and reduce credit bureau disputes. They formed a credit bureau working group and received Reject & Error reports from four credit reporting agencies, but lacked a process to review files pre-submission or to report back on what was being actively addressed. Additionally, the client was preparing for an upcoming FCRA Audit.
The Client implemented the Bridgeforce Data Quality Scanner Solution, which quickly and accurately assesses Metro 2 compliance across multiple systems of record, whether pre- or post-submission to the Credit Reporting Agencies. DQS couples 280+ risk-ranked rules to proactively identify discrepancies at the account level with clear, easy-to-use tools that mitigate compliance risk, and has been proven to reduce disputes and associated operational costs.
Within the first year of DQS, it helped us identify over 100 enhancements and improvements to be made. DQS improved our accuracy—a 70% reduction in discrepancies. DQS directly contributed to the effective rating on our FCRA audit.
-Senior Executive, Top Bank