Client wanted to be proactive about identifying and remediating regulatory compliance issues.
Reviewed processes on Metro 2® reporting and furnishing to National Specialty Consumer Reporting Agencies (NSCRAs). Provided future state policies, procedures and process flows, and recommendations for consumer reporting team structure. Ultimately, Bridgeforce helped both assess and remediate any findings.
Client desired to proactively identify and remediate regulatory compliance issues and processes that could result in consumer harm in advance of an anticipated regulatory exam. They requested a comprehensive review of their practices for Metro 2® reporting and furnishing to the NSCRAs and desired to collaborate to define “Future State” policies, procedures and process flows.
Bridgeforce performed an independent end-to-end assessment of the client’s consumer reporting management processes that included Reporting, Disputes, Data Usage, and management of the NSCRAs.
At the conclusion of Bridgeforce’s independent end-to-end assessment, 285 identified opportunities were presented to the client in formal enhancement plans, of which 30 were already in the process of implementation.
In addition, Bridgeforce also provided a staffing plan for a centralized Consumer Reporting oversight structure, Data Quality Scanner® results for three Metro 2® files, six procedures, detailed process maps, and a disputes scorecard for quality control. Following the client’s exam, they received praise that significant progress had been made.