Increase Accuracy and Efficiency of Dispute Management and Data Furnishing

A large credit card lender was facing rising credit dispute volumes and needed us to lower these volumes (and accompanying risk) by enhancing accuracy and processing efficiency. Within 10 weeks, we assessed operational practices and reviewed two months of Metro 2^® files; uncovered nearly 200 enhancement opportunities and provided an action plan projected to improve efficiency by 60%.

The Challenge

The client needed to reduce credit dispute volumes and was lacking insight of their operational practices and data furnishing accuracy.

The Process

To meet the timeline, our team consisted of two former credit reporting executives and an operations expert to manage the evaluation of processes. Also, we used the automated data accuracy tool, the Bridgeforce Data Quality Scanner (DQS), to evaluate against 300+ risk-ranked business rules.

We conducted an extensive end-to-end assessment of the dispute and reporting operations, including reviews with management, SMEs and processors. After three virtual working sessions and analysis of all policies, procedures and reports, we compared the results to best-in-class methodology. Our review included all key assessment categories to validate current state activities.

After processing over 25 million accounts files through DQS, we identified critical consumer reporting discrepancies.

Based on overall results, our team provided a comprehensive evaluation with 166 enhancements, prioritized by key themes, to establish a more efficient and effective model, including:

• Critical consumer reporting discrepancies impacting data accuracy
• Documentation of key reporting standards, controls and measures
• Enhanced dispute handling queues and processes to drive efficiency
• Steps to better address and reduce dispute volumes

Results

We presented our client with a detailed go-forward plan to enhance dispute operational efficiency and reduce volumes while effectively managing expenses. Some examples included streamlining the processing of e-OSCAR® referrals for a 40% projected increase in efficiency and regrouping duplicate dispute active cases to improve efficiency by 60%.

This detailed roadmap was established in full partnership with the client. We provided coaching throughout the engagement to maximize the client’s ability to successfully execute upon all changes.