Credit Reporting and Disputes Management

Optimizing Disputes Management & Credit Reporting

March 30, 2020

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Strategies and Best Practices from Webinar on Optimizing Disputes Management & Credit Reporting

It’s critical that every furnisher maintains a set of consistent and clearly defined procedures.  – Andrew Domino, Bridgeforce

Bridgeforce Managing Partners, Michelle Macartney and Andrew Domino,  joined Ballard Spahr attorneys Chris Willis and Stefanie Jackman to discuss consumer reporting best practices and trends in the current regulatory environment. Given the current climate, it is key to ensure credit reporting accuracy especially when managing forbearance reporting.  The webinar discussion revolved around how critical it is to appropriately handle furnishing data, and best practices to improve disputes management systems. View the full recording on Ballard Spahr’s website now.

The specific topics discussed included:

  • Industry trends for both 2019 and projected 2020, related to credit bureau disputes and reporting
  • Areas of opportunity for optimizing disputes management operations, including organizational alignment, dispute processing, procedures and controls, customer communication, and MIS/data analytics
  • Improving credit bureau reporting accuracy through data validation (e.g. Data Quality Scanner) and system of record data mapping

Key Takeaways for Optimizing Disputes Management and Credit Reporting Accuracy:

  • Document. Document. Document. There’s a high importance of documentation when conducting any investigation.
  • It’s not enough to find that the consumer was right and the furnishers were wrong. It’s important to ask why the error occurred and then ascertain if that same error impacted other consumers.
  • The CFPB is more likely to pursue errors and violations in law as it relates to credit reporting as part of the supervisory process rather than referring them to enforcement.
  • You need a dedicated team for root cause analysis – and keep asking “why.”
  • Use automation to streamline disputes investigations.

Missed the webinar or want to watch again?

View the full recording on Ballard Spahr’s website now.

Questions about Optimizing Disputes Management and Credit Reporting

Contact us to find out how to minimize risk and the cost impact associated with credit reporting errors and consumer disputes and complaints.