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Client Information Management

Client:

Large Credit Rating Firm

Division:

Credit Information Services and Contact Center

Contact:

President

Major Functions:

Credit Activities data base, Credit Information Services, Credit Rating Services

Situation

One of the largest U.S. based credit information services firm managed a consumer credit activity data base consisting of 400 million client folders which included in excess of 6 billion records of credit activities. The firm received 20 million plus inquiries and disputed information activity per year. LoBue Associates was engaged to recommend programs to reduce the electronic data load and to minimize the incoming call volume.

LoBue Recommendation

  • LoBue analyzed the existing data base and found that a significant amount of the massive information retained was redundant and outdated. The analysis resulted in recommendations for systematic purges and data cleansing projects reducing the retained transaction volumes.
  • It was also determined that several errors in the recording of the daily information had created duplications and were the sources of customer inquiries, thus recommendations were made to tighten up activities and controls for the data input processes.
  • Analyzing the call activity resulted in recommendations revising and clarifying the text on standard external communications, such as statements, to further eliminate client calls.
  • Design and implement a comprehensive report card to monitor and control data quality and client call activities; the report card contained quality targets and mandated actions if the targets were not met.

Real Results

  • The institution was able to reduce the massive database by more than 15% in size resulting in $2 million per year savings in computer processing time.
  • Client calls were reduced by approximately 2 million per year or 10%, eliminating $1.2 million in annual expense.

The cleaner client data and the lower call volume significantly reduced the firm’s legal exposure and the potential litigation cost.

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