Equifax and Bridgeforce Data Solutions Underscore Shared Commitment to Data Accuracy with New Partnership
Equifax and Bridgeforce Data Solutions announced a partnership aimed at enhancing data accuracy for data furnishers. This collaboration will provide access to Bridgeforce's Data Quality Scanner® and consulting services, helping furnishers manage compliance and improve consumer reporting. The partnership follows a successful case study where a U.S. bank reported a 70% reduction in data discrepancies after implementing the DQS. The initiative aims to mitigate risks, lower dispute rates, and support accurate data reporting across the credit ecosystem.
- Partnership with Bridgeforce enhances data accuracy for furnishers.
- Access to Data Quality Scanner® expected to reduce compliance risks.
- Successful case study shows 70% reduction in data discrepancies for a U.S. bank.
- None.
ATLANTA, March 7, 2022 /PRNewswire/ -- Equifax® (NYSE: EFX) and financial technology firm Bridgeforce Data Solutions today announced a new partnership reinforcing their shared commitment to the data furnisher community by providing them with additional tools and support mechanisms to enable optimal data accuracy. As part of the agreement, Equifax will now make Bridgeforce's industry-leading Data Quality Scanner® (DQS) and comprehensive consulting support available to data furnishers, providing a seamless, integrated solution for best-in-class consumer reporting compliance and dispute management.
Equifax has one of the most comprehensive credit databases in the industry. To keep information current and uphold the quality of the files, Equifax relies on credit grantors to fully report customer data monthly. These furnishers who report data to Equifax play a vital role in identifying credit risk and reducing financial losses throughout the credit granting community. Greater data accuracy means better credit-related decisions and reduced regulatory risk for this community that includes banks, credit unions, and lenders, among other financial entities.
"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," said Matt Scarborough, CEO of Bridgeforce Data Solutions. "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."
As part of the new partnership, Equifax can now direct data furnishers needing that support to Bridgeforce's Data Quality Scanner® and comprehensive consulting services. Bridgeforce will provide software and consulting to analyze data from furnishers to identify quality issues and prepare for regulator audits, among other things. Demonstrating this, a Bridgeforce Data Solutions case study shows that a top U.S. bank saw a
"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," said Robert Eison, Chief Operating Officer for Equifax United States Information Solutions (USIS). "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."
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
ABOUT BRIDGEFORCE DATA SOLUTIONS
Bridgeforce Data Solutions is a financial technology firm that helps financial services companies of all sizes improve their data accuracy and speed up decision cycles. Incubated at Bridgeforce, a financial services consulting firm and our sister company, Bridgeforce Data Solutions' flagship product, the Data Quality Scanner® (DQS), dynamically assesses credit reporting accuracy, enabling furnishers to proactively identify and resolve account-level issues before they become costly disputes, complaints, or regulatory risks. For clients needing hands-on support, Bridgeforce's consultants bring decades of expertise working with data furnishers of all types and sizes to help clients achieve best-in-class credit reporting compliance and disputes management. For more information, visit www.bridgeforcedatasolutions.com/Equifax
FOR MORE INFORMATION
Kate Walker for Equifax
mediainquiries@equifax.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/equifax-and-bridgeforce-data-solutions-underscore-shared-commitment-to-data-accuracy-with-new-partnership-301496292.html
SOURCE Equifax Inc.
FAQ
What is the significance of the Equifax and Bridgeforce partnership?
How will the Data Quality Scanner® benefit data furnishers?
What improvements were observed from using the Data Quality Scanner®?
When was the partnership between Equifax and Bridgeforce announced?
How does Equifax support data furnishers through this partnership?
