Optimizing Credit Dispute Management to Enhance Accuracy: A Success Story

How Quick Fixes to a Credit Card Lender’s Dispute Management Program Triggered a 60% Efficiency Improvement

When credit dispute volumes were on the rise, a prominent credit card lender approached us with a pressing challenge. They needed a solution to reduce their own dispute volumes and mitigate associated risks by enhancing accuracy and processing efficiency.

In just 10 weeks, we embarked on a journey to assess their operational practices. As part of this effort, we scrutinized two months’ worth of Metro 2® files, and unveiled nearly 200 opportunities for improvement. Our mission was clear: using the data we uncovered, develop an actionable plan aimed at achieving a remarkable 60% improvement in efficiency.

The Challenge: Credit Card Lender Faced Rising Credit Dispute Volumes

Our client faced a dual challenge. First, they grappled with the need to curb mounting credit dispute volumes. Second, they lacked a comprehensive understanding of their operational practices and the accuracy of data furnished.

Bridgeforce’s Comprehensive Evaluation and Data Accuracy Tool Paved the Way to Cleaner Reporting

To meet our ambitious timeline, we assembled a team of two former credit reporting executives and an operations expert, charged with the evaluation of processes. In our wheelhouse, we wielded the Bridgeforce Data Quality Scanner (DQS), an automated data accuracy tool equipped with more than 390 risk-ranked business rules.

Our journey began with a comprehensive end-to-end assessment of the dispute and reporting operations. We engaged in rigorous discussions with management, subject matter experts, and processors. After three intensive onsite working sessions combined with several virtual meetings, and a meticulous analysis of all policies, procedures, and reports, we benchmarked our findings against best-in-class practices. Our review spanned all critical assessment categories, ensuring a comprehensive validation of the current state of affairs.

Having processed over 25 million account files through DQS, we unearthed critical consumer reporting inaccuracies that demanded immediate attention.

Results in Action: Transforming Operational Efficiency

The culmination of our efforts resulted in a comprehensive evaluation with accompanying roadmap, which offered 166 enhancements prioritized by key themes. This set of improvements was designed to establish a more efficient and effective operational model, addressing critical areas such as:

• Critical Consumer Reporting Discrepancies: Resolving discrepancies that undermined data accuracy.
• Documentation of Key Reporting Standards: Establishing robust controls and measures.
• Enhanced Dispute Handling Queues and Processes: Streamlining operations to drive efficiency.
• Steps to Address and Reduce Dispute Volumes: A proactive approach to reducing disputes at the source.

Credit Card Lender Navigates the Future of Credit Lending with Confidence

Armed with this detailed roadmap, we presented our client with a clear plan to enhance dispute operational efficiency while effectively managing expenses. Notable highlights included: streamlining e-OSCAR® referrals, which were expected to yield a remarkable 40% boost in efficiency; and consolidation of duplicate dispute active cases, poised to elevate efficiency by an astonishing 60%.

Throughout this transformative journey, we remained steadfast partners with our client, providing guidance and coaching to maximize their ability to implement these changes effectively.

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