Implementation
Integrating DataX solutions into your business model is an easy-to-follow, straightforward process. Our implementation team adheres to proven techniques and processes to ensure a seamless transition.
The Process
Business Requirements Analysis
Implementation begins with a comprehensive review of your business model, risk tolerance and technical requirements. At this stage, your implementation manager will identify key systems, current decisioning processes and the availability of development resources. This evaluation is used in developing your personalized project plan. This plan will outline the scope of the project, including the timeline, automated decision engine configuration and automated process for inbound leads.
Backtest
As part of the business requirements analysis, DataX provides historical portfolio analysis to demonstrate the value of transaction-based decisioning using funded loan data. Based on extensive industry experience, the DataX team will establish customized business rules that mitigate the risk of the portfolio being tested. These rules then form the baseline of the real-time decisioning process when the client goes live.
Data Standardization
DataX maintains strict quality assurance procedures to protect both the integrity of its credit reporting agency, or CRA, and FCRA compliance. This approach requires 12 months of loan data and at least four months of payment history for assessment. The data is standardized through a rigorous quality assurance process that ensures concise, accurate reporting of your portfolio based on FCRA-compliant credit reporting agency standards. The length of this phase varies based on lender specific reporting standards. Completion of this stage requires that the new CRA (credit reporting agency) member’s data has passed the QA process thereby assuring a smooth transition to production.
Two-Way Report Certification
CRA (credit reporting agency) member relationships with DataX extend beyond the initial credit check. DataX distinguishes itself from competitors by providing real-time transaction based reporting unavailable through any other bureau. This level of detail is accomplished through the continuous exchange of data that continues throughout the life of the loan. Two-way report certification strengthens the accuracy and precision of the data, mitigates future risk and optimizes subsequent decisioning.
For more information please contact us.