The Frustration of Credit Reporting
At GOLDPoint Systems, we care about our customers. We understand dealing with credit repositories can be frustrating. However, most of the frustration stems from the actual act of reporting.
The major credit bureaus ask for a monthly report. Which means by the time you get this month’s report ready to go, you’ve got to turn around and get next month’s report finished.
There is also a lot of detail that goes into the report itself. The bureaus require reports in an encrypted format that probably no one on your staff knows how to read. Also, each report has over 180 required fields and must be reported in a consistent format to each of the three bureaus.
And last, but certainly not least, there are numberless interpretations of the rules. Credit reporting has a nearly endless list of rules applied to it and a never-ending supply of lawyers to interpret them. So how are you ever supposed to truly know how or what to report?
The Importance of Credit Reporting
As frustrating as credit reporting can be, it is equally as important. It really is in the best interest of your company, as well as the lending industry, to report to the credit bureaus.
Accurate reporting will help you reduce risky lending decisions. With access to comprehensive data, you can get a better idea of an individual’s behavior based on their history with other lenders. This knowledge helps you to make more informed decisions about who you lend money to. Credit reporting also prevents other lenders from loaning to your current clients, keeping your clients from being over-extended.
Your accurate reporting will also improve your client’s overall experience. You can reward good, on-time paying clients by reporting positive data, which will make your clients more likely to use your company for future purchases.
Also, clients are more likely to make on-time payments to lending agencies when they know that the agency reports to the credit bureaus. Making your clientele more reliable.
How GOLDPoint Systems Helps You
We will do the reporting for you. Completely. We send you a comprehensive monthly report, eliminating one of the biggest issues our customers face.
We’ve also spent countless hours improving our reporting system to make sure you meet all CDIA regulations, here’s a breakdown of how we handle your credit reports:
First: We completely dissect every field within each segment of the report. We’ve studied the CDIA manual and know how and why every field on the report was created, so we can assure accuracy.
Second: We translate the report into a version that is easy to read but that is also in the same layout as the file that the CDIA receives, so you can easily review the information that you send out.
Third: Our team is in direct contact with the CDIA and the credit bureaus, so we quickly implement changes in regulations. Ensuring that your reports are always up to date.
A Lot of Confidence
So, what exactly are we providing for you? Confidence. With GOLDPoint heading up your credit reporting you can be confident that you are providing credit bureaus with accurate data and you can fulfill your commitment to your clients with confidence.
As the premier financial lending support solution, let GOLDPoint Systems remove the frustration of credit reporting.
