Striving to meet the new compliance obligations for managing corrections presents a difficult business problem. Without careful preparation, the almost inevitable outcome is a complex, inefficient and inconsistent process with a high risk of compliance failure.
Corrections Exchange from Experian is designed to ease and simplify the process of managing correction requests, reduce compliance risk under the amended credit reporting regime and increase operational efficiency.
The solution caters for all industry participants, including Credit Reporting Bodies, and facilitates the routing, management and reporting of customer requests to review, and potentially correct, customer credit information as required under new provisions of the Privacy Act and Credit Reporting Code.
- Central registry: A single industry registry of all correction requests to all participating Credit Providers and Credit Reporting Bodies helps maintain data integrity, accuracy and improves operational efficiencies by streamlining a complex processes.
- Manage SLA & Audit obligations: With automatic time-stamping, alerts and flags, Corrections Exchange helps you meet your SLA obligations.
- Document Management: One system to upload all correspondence including the ability to create, print and save consumer letters.
In-built Reporting: Access to a suite of standard reporting capabilities that are designed to help you meet regulatory requirements.
- Multi-Bureau Update: A single process allows instructions to be sent to all Credit Reporting Bodies to update customer information saves time and reduces the complexity of dealing with multiple update processes.
- Flexible platform for integration: Designed to allow the option for Credit Providers to integrate this solution with internal systems. Corrections Exchange could manage ALL correction requests rather than those just requiring third party consultation.