Credit Reporting & Disputes

Credit Reporting & Disputes

Bridgeforce Enables You to Improve Accuracy and Provide Evidence-based Compliance to Meet Regulatory Expectations

Consumer demand for credit score accuracy and transparency has resulted in increased disputes. Additionally, the CFPB has renewed its focus on reporting agencies’ and furnishers’ compliance with accuracy and disputes regulations.

Where does this leave today’s lenders? For many, grappling with increased regulatory requirements creates an unsettling grey area as they struggle to ensure reporting accuracy while maintaining automation and dispute resolution. The solution for lenders lies in the ability to design control routines that identify inaccuracies before and after furnishing data to the credit reporting agencies.

This environment will only become more complex as non-traditional data sources (e.g., rent and mobile payments) gain increased value to lenders and play a greater role in building consumers’ credit history.

Our experience as banking executives gives us an advantage over our competition. Not only do we know—first-hand—the issues you face balancing expense, performance, and customer experience, but we’ve also built a consumer reporting framework proven and tested against more than 135 successful projects.

This framework creates a suite of controls that validates accuracy, provides disputes operations that ensure reasonable investigations and feedback to the system of record and is supported entirely by control and governance activities. Everything is in place so that you have evidence of compliance.

Real Results.

In the past 5 years we have:
  • Completed 35 credit reporting compliance projects for multiple lenders, including 8 of the largest 15 banks in the US.
  • Brought a large deposit bank into compliance for consumer reporting dispute processing by creating a custom control framework using 31 control-related initiatives.
  • Performed Metro 2 mapping and developed a 200-page conversion document to detail the specific statement of record mapping for a top 10 US bank.
  • Defined future state policies, procedures and process flows along with a comprehensive review of Metro 2 reporting and furnishing to NSCRAs. The overall assessment resulted in 285 identified opportunities in a formal enhancement plan.
  • Earned an average client satisfaction score of 9.5 out of 10 across all projects completed.
Case Studies 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...

Reduce costs, satisfy regulatory expectations and decrease complaints

Metro 2 and NSCRA Furnishing

Bridgeforce develops detailed, audit-ready data mapping and conversion documentation for production of Metro 2 and NSCRA furnishing files. We also perform independent, end-to-end assessments of processes. We provide future-state policies, procedures and process flows to ensure that regulatory compliance issues are identified and remediated. After we performed this service for a US lending client, they received praise from the regulator stating that “Significant progress had been made.”

Disputes Management

We’ve created best-in-class customer-centric models for lenders by focusing on first-call resolution and streamlining communications. Our risk assessments of disputes management teams identify and prioritize the high impact areas. Then we minimize risk and complaints through root cause analysis, first-time resolution, improved controls and regulatory compliance. Most recently we partnered with a technology company to develop an automated workflow solution for disputes, which supports direct and indirect disputes for both Metro 2 and NSCRA furnishing.

FCRA Consumer Reports Usage

Bridgeforce knows how to adhere to the legal obligations of using consumer reports. Our multi-stepped program will identify how your organization uses consumer reporting data—and derivatives of that data—for modeling, pricing and other decisions that affect your customers. Additionally, we customize policies and procedures for FCRA adherence including non-traditional credit bureaus and alternative data. Our complete program also includes specific controls to ensure permissible purpose exists.

Data Quality Scanner™

Bridgeforce created a software solution—the Data Quality Scanner (DQS)—to prevent customer harm and lender reputation risk. This industry-leading software was designed by our team of technology and credit reporting experts and became so successful that we’ve spun off a separate company—Bridgeforce Data Solutions—to continue to deploy and improve the software.

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“I have worked with Big 4 firms on similar engagements. From my experience, the knowledge, insight, recommendations and quality of deliverables provided through the engagement far exceeded my expectations and superior to the firms I have worked with in the past. If ever asked for recommendations on this type of work I will always recommend Bridgeforce first.”

-Top 10 Bank