Credit Reporting Trends Q2 2020
Amid the Coronavirus Pandemic, Credit Reporting Trends Show Complaints up Nearly 100%
The coronavirus pandemic has created “less-than-ideal” situations for many Americans. However, the effects of the pandemic itself have merely acted as support for already increasing complaint volumes. It has been the combination of both pre- and post-COVID dynamics that have led to increased volumes in the latest credit reporting trends. The increases have been unprecedented, with post COVID-19 complaints reaching 100% higher than last year’s volumes.
Before the pandemic locked down the United States, consumers were becoming more aware of the power they had in their disputes thanks to online services and credit repair organizations. Through multiple submission methods to CRAs, it also became much easier for consumers to submit complaints. Our credit reporting trends deck illustrates the top ten states in which complaints volumes have nearly doubled year over year.
Take Control of Your Complaints Today
With complaints increasing, its more important than ever to take control of the situation. Our solution to combating rising disputes is twofold:
- Increasing consumer education for transparency and trust
- Counsel on program specifics and accommodations, including how account changes will be reported
- Inform on credit reporting update timing & frequency
- Advise on different credit score types
- Improving data quality to validate data accuracy with a DQS Control Layer
- Reduce reject and error rates by reviewing Metro 2 files against 300+ risk-ranked business rules
- Uncover data discrepancies that may not be rejected by the CRAs
- Perform data reviews prior to transmitting Metro 2 file
- LEARN MORE about Bridgeforce’s Data Quality Scanner (DQS) HERE