Free Customer Credit Score Access Programs: What You Need to Know Before Offering Them
Over the past years, there has been competitive and regulatory pressure on financial institutions to increase transparency, understanding and access to credit reports and credit scoring. More organizations are beginning to provide access to credit scores but before launching these programs, issuers need to have carefully planned implementation. In this paper, Bridgeforce uses its experience working with clients and service providers in the financial services industry to outline best practices for implementing credit score access programs.
When deploying access programs, there are multiple consumer segments that need to be treated distinctly, warranting the development of custom use cases to support service model development and effective implementation. Integration into the lender’s overall customer servicing model can lead to long-term program success. Poorly executed service models will result in regulatory complaints and poor customer experience, which increases servicing and operational costs. A customer credit score access program also requires a well-planned customer service strategy based on education, accurate interaction and feedback.
For more on this topic, a full PDF version of the special report is available for download.