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5 steps to boost your accuracy in data reporting
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Transcript of 5 steps to boost your accuracy in data reporting
©2016 Experian Information Solutions, Inc. All rights reserved. Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public.
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Boost your accuracy in data reportingSpeakers
Julie Moroschan, Consultancy Director, ExperianJulie has more than 20 years working with Metro 2® reporting format. She was an active member of the Consumer Data Industry Association (CDIA) Metro 2® Task Force, responsible for developing, maintaining and enhancing the Metro 2® format. In her former role, Julie created a formal enterprise-wide Data Standards and Governance team, responsible for identifying and resolving data related issues, promoting data quality, ownership, awareness and knowledge across the enterprise.
In her role in the Global Consulting Practice she has engaged with clients to improve the accuracy and integrity of their reported data, assisted in creating policies and procedures for reporting and dispute management, and provided data analysis, guidance and best practices to ensure compliance with regulatory obligations
Michel Berard, Senior Account Executive, ExperianMichael Berard is a Senior Account Executive at Experian Data Quality, a leading provider of data quality and data management solutions. Michael is focused on helping organizations leverage their data to gain actionable insights, make faster, data-driven business decisions, and gain a competitive advantage. With more than 7 years experience, Michael has assisted organizations of all sizes to implement data governance programs, reduce regulatory risk, and streamline data migration projects.
Rishi Patel, Senior Technical Consultant, ExperianRishi has over 10 years of experience in data quality software from development and implementation to best practices and solution strategy. He is an active member in the data quality community as well as building out highly skilled consultancy practices within Experian focused on Enterprise Applications and architecture. His role now focuses on go to market strategies and technical subject matter expertise in new and emerging technologies for Experian Data Quality.
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Agenda
Data accuracy Key findings
Media headlines
The FCRA data furnisher rules
Best practices Understanding your data
Regulatory exam surprises
What other lenders are doing to prepare
5 steps to boost accuracy Key strategies
How Experian can help DataArc 360™ powered by
Experian Pandora™
Results
Demonstration
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Data accuracy
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Boost your accuracy in data reporting
90% of financial institutions believe increasing regulation has driven their need for better data analytics and management
76% of financial institutions believe inaccurate data is undermining their ability to provide an excellent customer experience
29% of US companies feel an inadequate data strategy contributes to a lack of data accuracy
28% of financial institutions suffer from regulatory reporting challenges
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Boost your accuracy in data reportingRegulatory scrutiny
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Boost your accuracy in data reporting Fair Credit Reporting Act (FCRA)
Those that report consumer credit data to the credit bureaus should comply with data furnisher rules stated in the current Fair Credit Reporting Act (FCRA)
Duty of furnishers
Obligations under the Fair Credit Reporting Act (FCRA)
Section 623: Responsibility of furnishers to provide accurate and complete information to credit reporting agencies1
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Boost your accuracy in data reportingFair Credit Reporting Act (FCRA)
Sound policies and procedures can help to validate data quality and to ensure compliance
Accuracyguidelines
Obligations under the Fair Credit Reporting Act (FCRA)
Regulation V (part 1022):Responsibility to create policies and procedures concerning the accuracy and integrity of furnished information2
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Best practices
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Providing policies and procedures for Metro 2® data reporting and dispute handling
Providing monitoring metrics for reported data Provide reporting samples Metrics showing the 30-day dispute investigation obligations are being met Providing samples of dispute investigation including reviewing additional
documentation provided by the consumer.
Boost your accuracy in data reporting Regulatory exam expectations and surprises
EXPECTED
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Boost your accuracy in data reporting Regulatory exam expectations and surprises
Request to provide resumes, organizational charts and qualifications (to see open and vacant positions)
Board meeting minutes for any meetings that addressed data furnishing/dispute handling compliance matters
Controls on who has access to data including contractors, vendors and servicers (including what training they are given and procedures)
Data mapping documents including data ownership and controls by data element, manual reports, visual basic scripts hot keys, data dictionaries and glossaries.
Training provided and taken by personnel responsible for data reporting and dispute
Documentation such as letters, phone calls, emails from and to consumers including recorded calls from more than a year ago
If an error was found in sample data, provide a full accounting of all records and prove the accuracy
UNEXPECTED
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Boost your accuracy in data reporting How organizations are meeting obligations
Key risk indicators Identifying and combining a small set of highly risky statistics to monitor
Benchmarking against peers Allows comparison of reporting and dispute policies and brings
perspective to the metrics
Benchmarking internally Learning internally and leveraging internal best practices
Ensure consistent treatment for consumers with multiple products
Validate Metro 2® reported date prior to sending
Building repository to house errors from all bureaus in order to correct and manage
Large, multi line of business organizations are creating cross-department oversight teams and using deep metrics
BESTPRACTICES
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Boost your accuracy in data reporting How organizations are meeting obligations
Disputes and reporting closely aligned C-level oversight and responsibility
Organization, internal awareness and oversight at the highest levels
Mapping data from source to Metro 2® output Using the insights to formalize governance of the data; ensure
reporting team is a stakeholder in any changes to fields in upstream systems that produce Metro 2® data
Enables Metro 2® validation as a part of system regression testing
Data mapping and governance
Using dispute metrics to enable root cause analysis Testing dispute processes and policies to ensure they address
regulatory requirements Digging deep into e-OSCAR data for actionable insights
Deeper insight into disputes
Reviewing examples on a periodic basis to ensure accuracy (system of record, Metro 2® reporting, CRA database and disputes)Sampling
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5 steps to boost data accuracy
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Implement data governance
Establish robust data monitoring
Proactively assess data accuracy
Define data quality methodology
Prioritize the consumer
Boost your accuracy in data reporting
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Five steps to boosting your accuracy in data reporting
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Boost your accuracy in data reporting Step 1: define data quality methodology
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Where does the data come from and how often is it updated? Do you have consistent information across all systems? How is the information linked or matched together?
Boost your accuracy in data reporting Analyze: evaluating data
Data quality, coverage and matching
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Implement standardization processes Transformations of data against business rules Review source definitions of phone, address, or email verification
Boost your accuracy in data reportingImprove: evaluating quality
Understand standardization and verification
@
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Define right party contact at the “account level”► One or more phones or addresses belong to the consumer
Reduce wrong party contact—false positive matches► Phone scoring or address ranking can be used to support custom
contact strategies Unique contact data is identified when no other source is available
► How reliable is the unique data?
Boost your accuracy in data reportingControl: monitor performance over time
Measuring change or success
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Boost your accuracy in data reporting Step 2: proactively assess data accuracy
Assess data accuracy Identify and remediate data issues prior to submitting to the bureaus Perform data mapping and validation Identify root cause of errors and action on findings Leverage partnerships (internal/external)
Data accuracy will help to ensure regulatory compliance, operational efficiencies and drive a positive customer experience
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Boost your accuracy in data reporting Step 3: prioritize the consumer
Prioritizing the consumer Understand customer experience Implement improvements and consistencies in the credit life cycle Speedy dispute response and resolution Ensure education, awareness and transparency
Accuracy TransparencyConsistency
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Boost your accuracy in data reporting Step 4: establish data monitoring
Establish data monitoring Analyze reported Metro 2® data and understand industry
benchmarking Monitor data reporting rejects Receive ongoing data feed of reporting results to easily track
and measure results
Data monitoring will provide a method to identify reporting anomalies, help to prioritize issues and track trends on an ongoing basis
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Boost your accuracy in data reporting Step 5: implementing data governance
Data governance Data stewardship and Metro
2® reporting councils Business process and
controls Consider a single governance
solution that may be leveraged company wide
Relationship discovery
Prevents future data quality issues
Best practices are shared
Knowledge is shared
Regulatory compliance
Benefits
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How Experian can help
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Boost your accuracy in data reportingDataArc 360™: a new data quality solution
Application
Functionality
Results driven
DataArc 360 leverages a data management tool called Experian Pandora. The application that is loaded on premise and is accessible via centralized, managed sever and available securely to named users –application can connect directly to a source system to upload data
Metro 2® rules are pre-loaded into Experian Pandora™ Solution is bureau agnostic and can be used when sending data files to all CRAs
DataArc 360™ is be pre-coded with 300+ data quality rules: 225 statistics are checked by 115 compounded Metro 2® rules based on multi attribute dependencies
Rules may be customized if needed – updates to a rule can be made in less than 10 minutes
Identify and remediate data issues prior to submitting to the bureaus
Analyze / uncover data issues, find root cause, perform ad hoc investigations, monitor quality over time, and prioritize and justify actions
Beyond just a visual representation of data, DataArc 360™ can help with data preparation, perform instantaneous data browsing, filtering and relationship discovery
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Boost your accuracy in data reportingPre-built rules
Metro 2® rules
300 data quality checks
Checks for invalid consumer names / addresses (special words / phrases)
Checks for potentially embedded data (SSN embedded within account number)
Over 115 rules and illogical conditions aligned with Metro 2® reporting
Flags accounts with potentially inaccurate calculations
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Boost your accuracy in data reporting How DataArc 360™ can help
Problem Solution
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Regulatory pressureMeeting FCRA requirements, undergoing CFPB exams
Data qualityMonitoring for quality, preventing rejects, remediating reporting issues
Customer experienceMinimizing disputes, reporting inconsistencies and inaccuracies
Meet regulatory obligationsValidating accuracy of consumer credit data on the Metro 2® file, proactively preparing for an exam, implementing policies and procedures to assess data accuracy
Identify errors on Metro 2® submission prior to submitting to the bureaus
Analysis of data quality
Drive positive experienceRemediate reporting issues / inaccuracies prior to sending data to the bureaus, upload dispute information to monitor and compare against Metro 2®
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Boost your accuracy in data reporting Key findings
Initial data load findings
Metro 2® rules were deeper in content and higher in accuracy against SQL attempts
Database query faster and more efficiently than SQL developers (roughly 400% faster with deeper results)
Name failures due to special characters such as periods and apostrophes
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Boost your accuracy in data reporting Key findings
Red flags for data quality issues
Account number check failed due to account numbers with embedded blanks
Borrower is less than 18 years of age Authorized user reported with missing date of birth Date of first delinquency is too recent for account status
reported
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Demonstration
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Boost your accuracy in data reporting DataArc 360™ screen shots
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Boost your accuracy in data reporting DataArc 360™ screen shots
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Boost your accuracy in data reporting DataArc 360™ screen shots
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Boost your accuracy in data reporting DataArc 360™ screen shots
Dashboard
Error name and score
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Boost your accuracy in data reporting DataArc 360™ screen shots
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Boost your accuracy in data reporting DataArc 360™ screen shots
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Boost your accuracy in data reporting DataArc 360™ screen shots
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Boost your accuracy in data reporting
For more information please visit our website at:
https://www.edq.com/products/pandora/dataarc-360/
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