How it Works
Becoming a FIDES Member is very easy and trouble-free. It simply means processing your Collection data through the FIDES system, and automatically furnish data updates to the CRA's in as close to Real-time as posible. From that point, FIDES members will benefit from the technological advantages that FIDES offers. Most importantly, FIDES Members can continue conducting business as usual, while enjoyoying superior accuracy, reduced legal exposure, and greater probability of CFPB compliance.
Loading Your Data
The initial load process is the actual transfer of live Collection data through the FIDES data system. For many agencies, this process will be much the same as reporting data to credit reporting bureaus, but will be automated and significantly more accurate. For Collection agencies not currently transmitting data to the CRA's, FIDES IT staff are available to assist your agency in this process.
Using the System
All of the information reported to FIDES Real-time Data can be uploaded through secure servers; reports can be purchased from FIDES in much the same manner. For both inbound and outbound transmissions, users will enter the secure FIDES servers and through a user interface either request or transmit Collection data. The minimum requirement to be a supplier of information or a buyer of reports would be a personal computer with Internet access. This allows the transition to FIDES Corp almost seamless for any business.
FIDES Application Distinction and Advantages
- Validity checking of all inbound data
- FIDES will not manipulate or update any contained data.
- Complete footprint of all data activity (all changes will be tracked in an effort to protect collection agencies in the event of a consumer dispute)
- Verification acknowledgement of all transfer activity
- Real-time posting
FIDES Suspend Queue
In an effort to stop the reporting of data that may contain problems, inaccuracies, or errors, FIDES utilizes an optional suspend queue. The queue exists for submitted data that was flagged during the inbound transmission process. In the event that this would happen, the submitting agency would receive a notice containing the reason for the data suspension.
We've created a movie that explains the FIDES process. Take a look.
© 2019 Fides Real-time Data. All rights reserved.