Experian® announced the launch of DataArc 360TM powered by Experian PandoraTM, part of Experian Data Integrity ServicesSM. The new data quality solution is designed to check the consumer credit information provided by data furnishers prior to submission to credit bureaus. Experian’s solution allows data suppliers to take more of a proactive approach to ensuring the accuracy of information, which may result in fewer credit disputes and a more positive interaction between consumers and their credit.
“Experian and data furnishers have a joint obligation to ensure the accuracy and integrity of information reflected on a consumer’s credit report,” said Lloyd Parker, group president, credit services, for Experian. “Many errors can occur from largely reactive data management strategies. DataArc 360 proactively examines data prior to credit bureau submission.”
Data quality is a critical, but oftentimes challenging piece of an enterprise-wide data management strategy. In fact, a recent Experian Data Quality study of more than 1,400 businesses across the globe found:
- Seventy-five percent of organizations believe inaccurate data is undermining their ability to provide an excellent customer experience
- Sixty-five percent of organizations wait until there are specific issues with their data before they address and fix them
- Fifty-six percent of organizations believe mistakes can be attributed to human error
The Fair Credit Reporting Act (FCRA) requires that those contributing data must provide accurate, complete information and ensure data accuracy. The new software is easy to install and starts delivering value within days. Strong data profiling and governance rules, combined with expertise in data compliance and reporting, can help data suppliers provide a better customer experience and reduce the number of disputes.
To learn more about DataArc 360 powered by Experian Pandora, visitvhttps://www.edq.com/products/pandora/dataarc-360/.