Equifax® and Bridgeforce Data Solutions, a fintech firm, today announced a new partnership that strengthens their commitment to the data furnisher community by offering additional tools and support mechanisms to enable efficient data accuracy. Equifax can now make Bridgeforce's industry-leading Data Quality Scanner® (DQS) and comprehensive consulting assistance provided to data furnishers as part of the agreement, providing a seamless, integrated solution for optimum customer reporting compliance and dispute management to data furnishers.
Equifax has one of the industry's leading credit databases. Equifax depends on credit grantors to completely submit client data monthly in order to keep information current and maintain file quality. These data providers who report to Equifax are critical in recognizing credit risk and preventing financial losses in the credit-granting sector. For this group, which includes banks, credit unions, and lenders, among other financial institutions, more data integrity equals better credit-related choices and lower regulatory risk.
"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 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."
Matt Scarborough, CEO of Bridgeforce Data Solutions
Equifax may now refer data providers in need of assistance to Bridgeforce's Data Quality Scanner® and complete consulting services as part of the new collaboration. Bridgeforce would provide software and advice to evaluate data from furnishers, among other things, to discover quality concerns and plan for regulator audits. A Bridgeforce Data Solutions case study shows that a leading U.S. bank witnessed a 70% drop in data inconsistencies during the first year of adopting DQS and a 30% decrease in its average quarterly dispute rate over a two-year period after installation.
Robert Eison, Chief Operating Officer for Equifax United States Information Solutions (USIS) said "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. 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."