In the pursuit of continuous improvement, a prominent US bank was determined to enhance its credit reporting processes. However, concerns arose regarding potential gaps in their processes and a lack of understanding of how their systems of record (SOR) aligned with monthly Metro 2® files sent to consumer reporting agencies (CRAs).
Bridgeforce provided the clarity and audit-ready documentation that could be handed off directly to regulators, which the client deemed “priceless.”
Recognizing the complexity of the task at hand, the bank turned to our team—a long-established partner known for our expertise in credit reporting processes. Because of this, we understood the importance of collaborating closely with the bank’s subject matter experts to gain insights into the client’s systems and processes.
Equipped with access to the source code and field definitions specific to the Metro 2® generation module, we embarked on an exploration of the credit reporting process. Then, our team worked diligently to decipher the mapping and conversion mechanisms of each SOR. We were able to gain a comprehensive understanding of the credit reporting landscape.
Building on what we learned, Bridgeforce developed an audit-ready conversion document, organized by the Metro 2® file layout. The 200-page document captured mapping logic in layman’s terms detailing how each system of record mapped into the Metro 2® file format. The document included additional formatting requirements necessary for compliance (e.g. changing dates to MMDDYYY) and calculations where a field didn’t have one-to-one mapping (e.g. current balance).
The bank wanted to use our work together to self-address additional source system credit reporting processes. So, while the original documentation laid the foundation, we identified an “Enhancement Plan.” The client was able to use nearly 100 opportunities and 40 high-priority items to make additional improvements.
Upon completion, the bank’s credit reporting process became fortified and well-equipped to meet the rigorous standards set by regulatory examiners. Our meticulously developed Metro 2® documentation proved to be an invaluable resource satisfying information requests with ease. The bank hailed this achievement as “priceless” knowing they could confidently navigate audits and maintain compliance.