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Consumer Reporting & Disputes Key Takeaways

April 7, 2016

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    At CBA LIVE, Bridgeforce presented to an audience of over 100 banking executives on the topic of credit bureau compliance – covering both credit reporting and credit bureau disputes. Bridgeforce was able to share insights that provided the audience with actionable takeaways to enhance their compliance programs.

    After providing a legal update for furnishers of data to credit reporting agencies, which has changed dramatically in the past several years, and describing best practices for credit reporting compliance, the audience was left with five key takeaways from the session:

    1. Consumer education can help reduce disputes
    2. There’s no absolute definition of accuracy – but following best practices can help drive success
    3. Defining frivolous and irrelevant disputes is critical and often more complicated than expected
    4. Not every Credit Repair Organization (CRO) form letter is created equal
    5. Establish sustainable processes for ongoing root cause analysis

    These takeaways are outlined along with a summary of the legal update and more detailed best practices in the recap summary, which can be downloaded in PDF format.