This software application forms part of the SACRRA Automation Project and is intended to empower Members by supplying a tool that will allow the Member to understand the data quality of its SACRRA format files ahead of the submission to the Credit Bureaus.
This application is undoubtedly also going to assist Members to be compliant with the NCA and NCAA requirements in terms of reporting good quality data. Currently Members have to wait after submitting files to bureaus for the bureaus to process the submissions and to issue Validation
Reports on these files.
Members receive four reports per file (one report from each bureau) and thereafter have to wait for the SACRRA Office to consolidate these reports into one and advise what corrective action is required. The DMA will alleviate some of this process and its related timelines, by ensuring that Members receive first insight into their data quality and format compliance. This will enable pro-active remedial management and first-line responsibility for the content and quality of any file submissions. Members will be empowered to simultaneously enhance and measure their own data quality and format compliance.
The SACRRA has appointed Octagon to develop the software and it is being run using the “Agile” approach. This is a project management methodology, which sees development done in parallel with workshops. To date the business and technical design, conversions of software, field definitions and reporting requirements have been delivered.
Final delivery of the application is expected in the second quarter of 2015 when user acceptance testing and a pilot phase will be implemented with selected Members before final roll-out. From what has been delivered so far, we are confident that the final product will live up to expectations and deliver a tool that fully supports the SACRRA’s focus on complete, accurate and quality credit and risk data submitted to the Credit Bureaus. Members as well as consumers will continue to benefit through the submission and application of high-quality data.
"The secret of success is to do the common things uncommonly well.”
~ John D. Rockefeller
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