Are You Reporting to the Credit Bureau Correctly?

As a consumer finance company, you also require the best information possible in your credit decisions. Today’s increased regulatory scrutiny also demands that you report correctly to avoid significant fines and extra examinations. Complete and accurate reporting of credit history is your commitment to the consumer and GOLDPoint Systems is your partner in fulfilling this commitment.

Forward Thinking

GPS recently recognized the need to review its credit reporting software and procedures to make sure that every field followed the latest guidelines outlined in the Metro II format. With that in mind, a major project was undertaken that reviewed each data element and its definition. GOLDPoint Systems worked in conjunction with several clients, the Consumer Data Industry Association (CDIA), and with the credit repositories themselves. A development team was isolated to make any adjustments in the programming and procedures that were discovered in this review. Countless hours were spent pouring over definitions and implementation of those definitions. In some cases legal counsel was even consulted to get the correct interpretations of the guidelines. A new capability was added to allow each client to review the exact data file that is sent to the credit repositories each month. This increases your ability to know that you are reporting correctly.

This review not only included the basic credit reporting format, but also how the credit reporting interacts with bankruptcy and repossession processes. There is a very complex interaction in this area. GOLDPoint also changed some of its data screens to more closely match the credit reporting data provided by the credit repositories, making it easier for your personnel to match up data from the system and the credit repositories.

What does this mean for you? With GOLDPoint Systems’ software, you can have complete confidence that you are providing accurate data in the reporting of your customers’ important credit information. This will also give you increased confidence in your compliance as you are examined by the CFPB and other agencies. With GOLDPoint Systems you can fulfill your commitment to your customer with confidence.

Accuracy in Credit Reporting

One of the many areas of increased scrutiny by the Consumer Financial Protection Bureau (CFPB) is that of accurate credit reporting for consumers. After many years of credit reporting using the Metro 2 format, GOLDPoint Systems (GPS) launched a long term project to examine its credit reporting accuracy. Along with help from some of its clients and following the Consumer Data Industry Association (CDIA) guidelines, GPS examined the meaning and formatting of every field in the Metro 2 format to ensure that consumer data is reported as it should be. GOLDPoint is also committed to review the new CDIA guides that come out each year to update any new guidelines that are required.

As financial institutions, GPS clients want, need and deserve assurance. And GOLDPoint is happy to give that to them. We assure that your consumer credit data is reported accurately and in accordance with the latest guidelines. This protects you from fines and lawsuits associated with inaccurate reporting. It also makes sure that your customers have a fair representation on their credit history and allows those who look at that history to make better credit decisions.