We Know Credit Reporting is Frustrating and We Want to Help

Christian Berry | May 30, 2018

At GOLDPoint Systems, we care about our customers. So we asked ourself, what can we do better? How can we serve our clientele more effectively?

We thought a lot about you and what your biggest inconveniences are and in our search for understanding we discovered the frustration of credit reporting...

The Frustration of Credit Reporting

Credit reporting can be frustrating, but GOLDPoint is there to help.

One frustration with credit reporting is the potential for fines and lawsuits associated with inaccurate reports. 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 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 as a whole, to report to the credit bureaus.

Accurate reporting will help you reduce risky lending decisions. With access to comprehensive data you are able to 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 in regards to 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 as a whole.

How we help:

Reporting to credit bureaus might be starting to sound a little more appealing but not any less stressful or time consuming. So, how can GOLDPoint Systems help you?

We 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, you can confidently know that you are in compliance with the CFPB and other agencies, 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.

Remove the credit reporting frustration with GOLDPoint Systems
Christian Berry | February 7, 2018

Subscribe to Our Blog