Equifax & Bridgeforce partner to improve credit data furnishing
On Monday, Equifax and Bridgeforce Data Solutions announced a new partnership reinforcing their shared commitment to the data furnisher community by providing them with additional tools and support mechanisms to enable optimal data accuracy.
As part of the agreement, Equifax will now make Bridgeforce’s Data Quality Scanner (DQS) and comprehensive consulting support available to data furnishers, in an attempt to provide a seamless, integrated solution for consumer reporting compliance and dispute management.
To keep information current and uphold the quality of the files, Equifax relies on credit grantors to fully report customer data monthly. The companies said these furnishers who report data to Equifax play a vital role in identifying credit risk and reducing financial losses throughout the credit granting community.
Equifax and Bridgeforce explained that greater data accuracy means better credit-related decisions and reduced regulatory risk for this community that includes banks, credit unions, and lenders, among other financial entities.
“Bridgeforce and Equifax share an ongoing commitment to data quality and accuracy, which drove our decision to partner together in support of today’s data furnisher community,” Bridgeforce Data Solutions chief executive officer Matt Scarborough said. “Bridgeforce strives to help furnishers improve data quality through a combination of automated technology and consulting support.
“Tapping into these offerings through our partnership with Equifax, furnishers can now comprehensively assess and address compliance and operational needs to mitigate risk, reduce costs and improve their overall customer experience,” Scarborough continued.
As part of the new partnership, Equifax now can direct data furnishers needing that support to Bridgeforce’s Data Quality Scanner and comprehensive consulting services. Bridgeforce said it will provide software and consulting to analyze data from furnishers to identify quality issues and prepare for regulator audits, among other things.
A Bridgeforce Data Solutions case study showed that a top U.S. bank saw a 70% reduction in data discrepancies within the first year of using DQS and reduced its average quarterly dispute rate by more than 30% over a two-year period post-implementation.
“Data furnishers play a critical role in today’s credit ecosystem. As a trusted steward of consumer data, Equifax is committed to investing in practices and partnerships that help us better support customers in ensuring accurate data reporting,” said Robert Eison, chief operating officer for Equifax United States Information Solutions (USIS).
“Joining forces with Bridgeforce supports this commitment by helping furnishers referred from Equifax enhance the quality of their data, resulting in improved accuracy, lower dispute rates and reduced compliance risk,” Eison went on to say.