Pave your way to smoother management of CRO-generated dispute volumes with a process that quickly identifies the dispute source and reduces future dispute submissions from Credit Repair Organizations (CRO).
The Ninth Circuit Court of Appeals recently ruled that Experian did not violate FCRA in their response to a consumer’s dispute (court case: Warner v. Experian). Experian had advised the consumer they would take no further action on the dispute unless contacted directly rather than through the CRO engaged by the consumer.
Ruling for Experian takes a cut at the pervasive CROs and provides opportunity for institutions to better manage the onslaught of repetitive disputes submitted by CROs.
With the staggering volume of CRO letters, this ruling offers direction to dispute teams: streamline the process with a Specialty Handling Unit and establish end-to-end processes to help identify CRO disputes and respond appropriately.
Design a specialty handling process that establishes a customer focused approach applying a series of key steps. The process requires active engagement across the enterprise and includes the dispute processing teams, compliance and legal.
The primary components to working CRO disputes must include:
TIP: If CRO and a repeat dispute, conduct a specialty handling reasonable investigation.
Identify and deploy trends and primary drivers for repeat disputes by CROs.
TIP: Assign a dedicated team to conduct root cause analysis of customer issues. Focus on frequency of disputes and if a one-time occurrence or multiple submissions
Restructure training to focus on repeat disputes and CRO submissions to improve processing and reduce repeats.
Organizations are overwhelmed with trying to manage increased dispute volumes. There are specific and reasonable actions that can be taken to advance your organization’s dispute management processes. Bridgeforce has developed disputes processes and procedures, workflows, trained staff, and written disputes policies. Let us help you. Contact us for guidance on successfully executing your dispute management.