How CCR boosts your data quality
Your customer data is one of your most valuable business assets.
The quality and breadth of data improvements is constantly improving under CCR. This is because credit providers now share positive information on a regular monthly cycle instead of negative data only on a sporadic basis.
This means credit providers participating in CCR confirm the identity details for each account every month when they submit repayment behaviour to the bureau.
The benefit of better data quality
By keeping better records the flow on benefits are big for business.
This includes marketing and sales improvements. Credit providers can now power stronger CRM while reducing costs on wasteful correspondence that can be a bad look for the brand.
Credit providers can be more strategic in their planning with assurance that data is accurate when running reports on roll rates and other business intelligence.
Collections are easier and more successful as you increase your chances of contacting customers.
Bad debt can be slashed as credit providers can respond more quickly to changes in customer circumstances that affect their ability to manage repayments.
How to get the house in order for CCR
As you set up your CCR project, now is the perfect time to revisit your data needs. Some organisations Equifax has worked with have realised the business benefits of getting their data warehouse in order to prepare for CCR data supply. Things to think about:
- What information do you need regularly? Consider going beyond what data you regularly collect now.
- What are your goals? Ultimately you’re working to ensure accurate, consistent, and timely data that is useful to decision-making.
- Who is responsible for data quality? Data quality is not just an IT concern, but an enterprise-wide issue. Engage and educate your front-line staff as part of the CCR transition.
- When to collect information? Every customer interaction offers a chance for updates and confirmation of information. For example, take the opportunity when a customer calls in for other reasons to check that you have their most recent address, phone number and employee details.