Bridgeforce Helps To Bring 90% Reduction In Total Discrepancies And To Eliminate Nearly All High-impact Discrepancies
A concerning number of incoming credit-reporting accuracy complaints alerted the client to a problem. In addition to dealing with these complaints, the client was preparing for an upcoming regulatory exam.
Bridgeforce implemented the DQS to validate internal findings and identify additional opportunities. Additionally, system errors that were deemed closed by the IT team were identified as they didn’t solve for data inaccuracies.
- In three months following DQS implementation, client reduced total discrepancies by 90% and eliminated nearly all high-impact discrepancies
- Client can better direct IT, demonstrate a proactive compliance program to regulators, monitor consumer trade lines for accuracy, and reduce complaints and disputes volumes
The client, a depository institution offering a traditional suite of banking products, began to identify a concerning volume of inbound complaints related to the accuracy of their credit reporting.
The client engaged Bridgeforce to conduct an end-to-end assessment of their consumer reporting practices. This assessment included the use of the Bridgeforce Data Quality Scanner®, a tool to quickly and effectively assess trade lines reported in a Metro 2® file.
The client immediately identified new opportunities for improvement after running the DQS for the first time. More importantly, the report alerted the client that their internal IT fixes failed to solve their inaccuracy problems. After the DQS helped to identify the root cause, they were able to correct the issues with clarity and full insight into the nature of the challenge. The client no longer needed to rely solely on inbound complaints, because they now had a powerful preventative tool that would identify risks and discrepancies.