Few companies have the in-house experience or staffing necessary to implement a comprehensive FACTA 312 compliance plan. 

CBSC is here to help.

Accuracy and integrity are no longer optional. Now that Section FACTA 312 is a reality, Financial Industry data furnishers are required to be more meticulous than ever when reporting consumer account information to the credit bureaus.    If you are still putting off your data compliance responsibilities, you are playing with fire. 

Oversight is no longer only left to the regulators.  With the public being bombarded daily with advertisements on credit scores and score monitoring, consumers and litigators are more attuned to the impact of credit damage caused by inaccurate credit reporting.   CBSC’s professionals provide the experience required to manage the hidden data risks that could derail your business.

Involved in mergers, portfolio purchases, portfolio sales or systems conversions?

Whether you are negotiating a portfolio sale or acquisition, or implementing an internal conversion from the Metro® to Metro 2® data reporting layout, you need an experienced data professional to keep your policies, procedures and systems in synch.  CBSC's experts work with purchasers, sellers, systems providers and each Consumer Credit Bureau to make sure the accuracy and integrity of your consumer data reporting doesn’t skip a beat.

What CBSC can do for your institution - Credit Bureau Compliance Consulting

Case Study

Accurate Credit Reporting, What’s it Really Worth?

Recently at one major institution, dispute volumes had increased rapidly from a manageable 500 per month to over 50,000 per month. There were so many compliant letters coming in from attorneys that in an effort to minimize the financial exposure the institution began negotiating the highest volume attorneys down to $1,500 payouts per letter. A CBSC data audit revealed that the institution had over 15 million incorrectly reported tradelines. At $1,500 per the total financial risk was in excess of $22 BILLION. Conservatively, assuming that only a small percentage (say 1%), would come in with complaint letters, the financial risk was still more than $220 million.

While the reality for most financial institutions is substantially smaller, how much is too much for your institution? For most of us 3 or 4 pay-outs of this size per month would be considered significant. Keep in mind that today FCRA fines can now go up to $3500 per occurrence.