Chapter 2: ACRO Training (Automated Credit Reporting Online)
IN THIS LESSON
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e-OSCAR is a web-based, Metro2-compliant, automated system that enables Data Furnishers (DFs), and Credit Reporting Agencies (CRAs) to create and respond to consumer credit history disputes. CRAs include Equifax, Experian, and TransUnion, their affiliates, or Independent Credit Bureaus and Mortgage Reporting Companies. e-OSCAR also provides for DFs to send “out-of-cycle” credit history updates to CRAs.
The system primarily supports Automated Credit Dispute Verification (ACDV) and Automated Universal Dataform (AUD) processing, as well as a number of related processes that handle registration, subscriber code management, and reporting.
ACDVs initiated by a CRA on behalf of a consumer are routed to the appropriate Data Furnisher based on the CRA and subscriber code affiliations indicated by the DF. The ACDV is returned to the initiating CRA with updated information (if any) relating to the consumer’s credit history. If an account is modified or deleted, Carbon Copies are sent to each CRA with whom the DF has a reporting relationship.
AUDs are initiated by the DF to request out-of-cycle credit history updates. The system is used to create the AUD and route it to the appropriate CRA(s) based on Subscriber Codes specified by the DF in the AUD record. The e-OSCAR AUD process is intended to provide the CRA with a correction to a consumer's file for consideration outside of the regular activity reporting cycle process. e-OSCAR may not be used to add or create a record on a consumer's file or as a substitute for "in-cycle" reporting to the CRAs.
*Note: eOscar also supports Innovis, which is a lesser known credit reporting agency.
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Automated Data View (ADV) is a customer service tool that allows you to quickly view your customer’s trade line and/or collections information as it appears on the Equifax credit file in real time.
Benefits
Improved Data Quality: Used to audit and measure the quality of the information stored in a consumer file.
Expedited Dispute Resolution: Allows credit grantors to handle the dispute resolution process directly with their customers without having to contact Equifax for correction.
Easy to Use: Immediately view your customer’s trade line and or collections information by entering basic PII information, thereby being responsive to high-priority information changes.
Key features
Reduces dispute processing time by having access to view consumers’ tradeline and/or collection information quickly
Reduces data discrepancy through audit
Provides a view of suppressed tradelines
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If a company furnishes consumer credit account data on a regular basis to credit reporting agencies, they have duties under the Fair Credit Reporting Act (FCRA) to correct and update that consumer credit history information.
To assist data furnishers (such as banks, credit unions, consumer credit card companies, retailers, and auto finance companies) in this process, the credit reporting industry has adopted a standard electronic data reporting format called the Metro 2® Format.
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Bypass Statistics
Bypass statistics are within the Reporting Statistics Detailed Report and outline why a consumer’s trade/loan did not go to file.
Bypass Report
You can request the actual bypasses from your EFX data analyst in the contributor services division.