Considerable dissatisfaction exists among consumers, consumer advocacy groups and many others over the current credit reporting operations throughout the country.
These problems may be inherent in the present system, possibly due to the fact that three different large companies collect, store, and distribute credit information, often erroneous or outdated. It is virtually impossible for all three companies to have accurate, currently updated, uniform consumer Collection Agency data. Therein lies a serious consumer problem and, -- an opportunity for collection agencies. It also confirms the real need for an independent, consolidated third party data storage bank that enables collection agencies to retain complete control of their own collection data, thereby insuring that their data is the most current and accurate data available.
Collection Agency Benefits
FIDES has developed a proprietary new and unique technologically advanced system for electronically collecting/recording and disseminating data for accounts held by collection agencies. The FIDES System will enable collection agencies:
- to ensure that only Real-time up to the minute Collection Agency information is issued from their data,
- to retain control at all times over their own submitted data,
- to reduce errors in the Collection Agency account information in credit reports, thereby improving accuracy (reliability) and reducing collection agency liability exposure, while at the same time improving the probability of CFPB compliance.
All benefits can be realized by collection agencies--- while continuing to do business as usual.
Positioning the FIDES Report
Collection Agency data is one of the most important aspects of a credit report. For mortgage companies, banks, and many other lenders, this information is absolutely necessary to process financing. The Fair Credit Reporting Act also mandates that all credit decisions must be made from the most accurate data available. The FIDES process assures that all participating agencies provide only the most accurate information available for credit reports in the United States.
To become a Collection Agency member, contact FIDES or submit an Information Furnisher Agreement through email. FIDES will then personally contact your agency and send out a full membership package outlining the FIDES System and its advantages. At this point, a FIDES IT professional will facilitate the initial transfer of Collection Agency data.
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