Case Study

Automated Tool Reduces Credit Bureau Disputes

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The Challenge

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 client 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 Solution

The Bridgeforce® Data Quality Scanner® Solution, an automated, independent, comprehensive diagnostic tool for reviewing credit reporting accuracy with more than 300 risk-ranked rules.

The Benefit

After implementing the Bridgeforce® Data Quality Scanner® (DQS) Solution, top bank experienced over 30% reduction in average Quarterly Dispute Rate

  • Over 30% decrease in average quarterly credit bureau disputes rate
  • Reduced DQS-identified discrepancies by 70% in the first year of using DQS
  • Dramatic reduction of compliance risk

DQS: THE AUTOMATED, CLOUD-BASED SOLUTION  TO REDUCE DISPUTES AND CREDIT REPORTING COMPLIANCE RISK

In light of a renewed regulatory focus, lenders need to mitigate credit reporting compliance risk and reduce the cost of disputes management. Both FCRA and potential reforms call for new requirements in the dispute process and stronger challenger tools for credit report information.

INDUSTRY LEADER IN ASSESSING METRO 2 COMPLIANCEcredit bureau disputes

The DQS quickly and accurately assesses Metro 2 compliance across multiple systems of record, whether pre- or post-submission to the Credit Reporting Agencies. DQS couples 300+ 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.

 

Contact us today if you want to see similar decreases in your credit bureau disputes rate.

The Metro 2® Format and the Credit Reporting Resource Guide® (CRRG®) are owned by the Consumer Data Industry Association® (CDIA®), www.cdiaonline.org. Bridgeforce Data Quality Solutions, LLC is an independent entity that is not affiliated with CDIA® and CDIA® is not responsible for the content of the information contained herein.