Credit Bureau Reporting:
Preventing Customer Harm
Through Full Population Testing
No. Sample-based testing leaves room for unknowns that can significantly impact customers. It’s also impossible to know how many customers may be impacted with a sample-based approach.
How big of an issue is this? More than one-third of Americans have at least one error in their credit report, according to Consumer Reports.
By replacing sample-based manual testing with full-population automated compliance testing, financial institutions can test entire portfolios in minutes to determine if it is compliant with all laws and regulations, plus, prevent both regulatory and customer issues through early detection and remediation, providing a fair and equitable experience for all customers.
Imagine a single parent not being able to rent an apartment simply because the entire population wasn’t tested. What if you damaged an individual’s credit, forcing them into a higher interest rate or disqualifying them from a loan.
Do in 20 minutes what it would take one year and 500 people to complete.