The FIDES Advantage
FIDES processes collection agency data in as close to Real-time as possible in a single data stream to all major CRA's.
FIDES introduces a technologically advanced Real-time system that focuses exclusively on Collection Agency Data.Throughout the development of FIDES, Collection Agencies, software providers, and the CFPB were consulted in an attempt to create the FIDES System in a way that would maximize functional and financial benefits for participating agencies. Beyond the benefits that FIDES creates for the industry as a whole, the actual system produces distinct advantages for participating agencies.
- Improved Compliance With the CFPB
- Reduction in Legal Exposure
- One Single daily Data Transmission instead of 3
- Fides has the most current data available processing information direct to the 3 Major Bureaus in as close to Real-time as possible, improving data quality, reducing exposure, and reducing the need for E-Oscar.
- Reduced Processing Cycles
- Acknowledgement of Every Update
- Full Control and Access to Your Own
- The Fides Real-time System will empower Collection Agencies, providing confidence in the accuracy in their submitted data.
Allowing collection agencies Real-time Account Management will ensure only reports containing up to the minute Collection Agency information will be issued. This advantage reduces Collection Agency legal exposure from erroneous or outdated information.
The submitting collection agency will have the only ability to make changes, corrections, or updates to data held in the FIDES central database. Additionally, no data will ever be logically deleted from the system, ensuring a legal footprint exists in case of any consumer disputes.
Presently, millions of Americans are negatively affected by the current process of reporting credit information. A recent industry report stated that up to 80 percent of credit reports generated contain errors. This is due in part because three separate companies are attempting to hold uniform data, but also because of the reporting methods apparatus used to transmit credit data.
With a Cloud-based approach, FIDES will assist member agencies in the automation of their systems by implementing its proprietary methods and software. System automation through FIDES Real-time Data will reduce errors that currently plague the credit reporting industry while maintaining essential financial security.
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