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FAQ
What is a Real-Time credit bureau?
DecisionLinks is based on a distributed system. DecisionLinks is directly attached to the servers at the lending institutions. For example, if at 4 PM a bank pulls a credit report on Mr. Jones, all credit information such as the auto loan he opened that posted at another bank at 8 AM, his monthly payment amount received at a credit card issuer yesterday, and his late payment reported by his mortgage lender today at 10AM is collected and put into his credit report as of 4 PM.
Is this different from what credit bureau’s offer today?
Yes. Credit bureaus today receive large tapes and large batches of information from its contributing credit granters typically on a 30 day cycle. Once they receive these files they go through a process to build in large compiled database containing the aggregated credit information on over 250 million individuals. A Credit report is generated after this database has been updated. Using the example of Mr. Jones, the three accounts stated above would not show because today’s major credit bureaus' data is approximately 30 days old plus processing and auditing time.
Isn’t the DecisionLinks Real Time system less secure?
No. In the fact, the exact opposite is true. Since there are no tapes shipped and no large-scale compilation process or data warehousing, data security breaches that have recently occurred with traditional credit bureaus are eliminated. Human interaction with inevitable error is eliminated. There is no database to hack, malfunction, or tempt unscrupulous employees, etc. Security is a primary advantage The Tempus platform.
The NY Times has reported credit reports to be 25% inaccurate; Are Decisionlink’s credit reports any better?
Yes. Since the data is sourced direct from the original source the data is invariably more accurate. When a dispute occurs on DecisionLinks platform, the consumer and credit granter are directed to the native source. Corrections can be made. The next report is accurate. No ghost errors showing up on future credit reports. This is not necessarily true in today’s compilation process where inaccuracies can “reappear” due to the many files that may contain the problem processed in the next compilation process.
Does DecisionLinks replace a credit report from Equifax, Experian, or Transunion?
At this point, DecisionLinks supplements the traditional credit reports. Our supplemental credit provides information not available from the compiled credit repositories of three major bureaus. Best of all, our supplemental credit report is initially complementary for connected members. The supplement report will enable DecisionLinks to build a comprehensive inquiry history that will be provided to members in the future.
What does DecisionLinks’ RT Analyzer produce?
RT Analyzer is a flexible decision support tool that leverages the power of real-time data. Similar to tracking a stock, RT Analyzer provides market share analysis and it streams Data Alerts. It allows the user to define time windows, comparison groups, and geography. Users benefits with superior understanding of and reaction to trends and changes in account activity. The result is improved lending, collections, marketing, and fraud detection decisions.
Is DecisionLinks using new technology?
No. We use standard web service and XML data transfer protocols. This technology has been adopted by the industry since the late 1990’s. Corporate Service Oriented Architecture (SOA) engagement utilizing similar standards is the major corporate trend for internal systems today. We incorporate some unique and proprietary technologies in what we do on our end, but the process for connecting the network servers is open and well established.
What is involved in getting connected?
The technical task of a one-time set-up is very simple. It typically involves your database administrator (dba) providing a connection string and basic commands to the proper location of the applicable data defined in our simple XML schema. The process is tested and then your institution is connected.
Of course compliance and other legal contracts are necessary to complete the process. This process is infinitely less complicated and time-consuming compared to the current technical and project management process your institution undergoes when sending out large data files every month.
What are the risks to our system in connecting?
There are none. DecisionLinks' provided scheme includes “read-only” documents. There is no executable code. These facts are easily verifiable by your technical staff.
What is the impact to the credit report if a credit granter’s system is down?
The system is interacting with Banks and financial institutions' critical systems therefore it will be rare that systems will be down. However, in such cases the system will produce an initial credit report noting the missing servers and revisit and supplement information at a later point.
How current is DecisionLink’s data?
It is as current as the financial institutions, that is to say that it is as current as possible.
Does it reflect banking transaction activity?
Partially, yes. Banks will have the option to make such transactions available, in aggregate for group comparison purposes. Additional information such as auto vehicle and home information may also be made available (with a give to get policy). In 2005, the federal -Facta amendments allow for non-traditional data to be provided with credit reporting.
Is this different from what today’s credit bureau’s provide?
Yes, credit bureaus today standardize the data in files created to optimize the compilation process. DecisionLinks' web service approach is not constrained by such standardization requirements. Liberalization of the compliance and legal restraints also open up new possibilities.
Do I need to send DecisionLinks a batch file of data to be a connected credit member?
No, not for the DecisionLinks' credit reports. For the credit report, only verified requests for individual’s information is fulfilled, producing a single credit report. If the member subscribes to the optional RT analyzer, it does request a stream of summarized data based on a nightly feed. To become a “connected member”, only a connection is required no data is sent out.
What are the benefits of DL Real Time Bureau verses the current credit bureaus?
DL’s platform is superior in data security, accuracy, and currency. It is also easier to locate and permanently correct disputed data. Lastly members make money each and every time their data is used.
What is the benefit to security?
DecisionLinks eliminates the possibility of security breaches associated with the existence and maintenance of a centralized repository. There is no database to hack into, no large batch data transfer and no database maintenance. Therefore, no hacking into a data warehouse, no tapes or files to lose, no data abuse from rouge employees, contract workers.
Have these security breaches actually occurred?
Yes, and much more. Google “data security breaches” and see for yourself. The following chronicles breaches in just the last year: www.privacyrights.org/ar/ChronDataBreaches.htm
Why is DecisionLink’s data more accurate?
The data that makes up our reports is from its native source. DecisionLinks provides complete transparency therefore the source of both account and trade-line information is known. Current credit reports displayed information that has been standardize and compiled before it is ever sent to the bureaus to be compiled against other standards records. This process introduces errors. It also makes it difficult to find and correct potential sources of errors.
Yes. Predictive models are only as good as the data they model. More current and accurate data produces better credit and fraud models. In addition, the currency of the data and analysis of the delta (changes) in real-time creates new elements that enhance any model.
Does DecisionLinks provide modeling services for risk, collections or fraud detection?
No, our platform enables and enhances the performance of our clients or third parties models and fraud detection .
How do members get royalty revenue for being part of the DecisionLinks network?
When a credit report is pulled by authorized users a percent of the revenue charged to that user is earned by the members' data that made up that report.
How are members in more control of their data?
First, the base data always resides in their secure data environments. Second, they receive real-time reporting of all users and data that is used in producing credit reports. Lastly, beyond the minimum fields required, they control how much more or less data they wish to share in the network. (Please note: The more they share beyond the minimum the more they get.)