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CDS Case Study

Company Profile:   Leading Credit Reseller and Service Provider
Industry:   Credit Industry
Project Objective:

 

  • Initiate software-enforced compliance

  • Centralize dispute processing

  • Lower IT management costs

  • Increase throughput and efficiency

  • Implement new paperless process

  • Audit facilitation through better record keeping

New legislation requiring stricter credit dispute processing practices rendered a mostly paper process to be insufficient to handle new compliance rules. Thus the paper processes needed to be replaced with a custom application.

The Situation:

 

New legislation named the Fair and Accurate Credit Transactions Act (FACTA) required credit resellers to offer dispute resolution services for any credit product sold. FACTA spelled out a set of compliance rules that resellers must follow when facilitating the credit dispute process on behalf of a consumer. Before FACTA, credit dispute processing was offered out of courtesy and had no strict guidelines, timelines, and protocols, and therefore software support for the overall process was never developed (the process remained primarily paper). After FACTA, the process became too rigid and complex to remain a paper process and required an invest in a software solution.

 

 

Solution Requirements:

  • Dispute time service management

  • Dispute workflow and state management with integrated compliance enforcement

  • Ability to integrate with 3rd-party credit providers

  • Ease of use with a clean GUI

  • Dispute processor task management

  • Administration capabilities

  • Comprehensive audit trail

  • Built in reporting

  • Flexible architecture

  • Document management and document generation capabilities

The Solution:

 

Using the latest software architecture and design principals, the CCS team designed and lead the development of the Consumer Disputes System (CDS) - a web based dispute processing application to address the new FACTA requirements. The application was built using JAVA, Oracle, and the most current XML technologies.

 

The development process followed a succinct plan which included testing, modeling, and validation throughout each phase. The CCS team gathered the requirements, assessed possible architecture and relational data models to determine the best technology/framework platform for the new application. Next, each phase was allocated by functionality sets and scheduled according to the development project plan. The cross-functional, phased approach enabled teams to work on different components and functionality sets simultaneously while testing and validation processes occurred in tandem. Through the continual process of tracking milestones, testing, and functionality verification, the project remained on track.   

 

After the design was complete, a diverse team of onshore and offshore developers engaged to develop the CDS application using the iterative methodology. Java combined with proven open source technologies such as the Tomcat application server and Struts framework, made for an efficient cost effective toolset with which to build the application.

 

Key Functionality & Features:

 

  • Dispute timeline management ensured all disputes are handled in within FACTA time limits and/or the disputes originating state

  • Automated credit data procurement and line item isolation improved dispute initiation processes

  • Integration with subsidiary systems provided a centralized dispute management platform

  • Web based application allowed dispute processing to be off-shored providing significant cost savings

  • FACTA compliance by built-in compliance rules and workflows

  • Managerial oversight functionality via an administration console

  • Task management functionality for dispute processors

  • Document management and automated document creation, including correspondence letters and final dispute reports

  • Flexible design enabled quick workflow and compliance rules modification

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