As companies evaluate returning to the office as the COVID pandemic subsides, many will decide the time has come to relocate their company headquarters. For companies that access consumer reporting data, this change of address comes with the additional responsibility of scheduling a new OnSite Inspection to document their new location’s compliance with federal regulations.
Below, we outline the reasons companies access consumer reporting data, the reasons many have determined a change of address is necessary, and the ways in which TrendSource’s new online Inspection ordering portal streamlines this necessary compliance task.
Why Businesses Pull Consumer Reporting Data
A wide range of businesses access consumer reporting data through the three major reporting firms (Equifax, Experian, and TransUnion). Oftentimes, businesses such as financial institutions and retailers pull consumer data when evaluating credit and loan applications. Others use consumer reporting data in evaluating job applicants or tenant applicants.
Whatever permissible purpose companies have for accessing consumer reporting data, however, the Consumer Financial Protection Bureau (CFPB) requires companies to document their compliance with prevailing federal regulations.
Why Businesses Have Changed Addresses During the Pandemic
There are several reasons a company has recently (or soon will) change addresses. First, many businesses downsized during the pandemic and moved to a remote work model. As vaccines and infection rates both move in the right direction (up and down, respectively) it is likely that many businesses will move to a hybrid work model with employees splitting time in and out of the office.
This arrangement, obviously, cuts down on the amount of office space a business requires, and, in the interest of lowering overhead, it is likely that the business will look to move to a smaller location. Also, companies have started to relocate out of urban centers with their relatively higher rental costs towards less populated, cheaper options.
Whatever the reason for relocating, companies that access consumer reporting data are required by the (CFPB) to undergo a new OnSite Inspection for Consumer Reporting at the new address.
This makes sense as OnSite Inspections document procedures and features at a specific location--what good is documenting compliance at a location the company no longer occupies?
TrendSource OnSite Inspections for Consumer Reporting
TrendSource is one of only a few compliance companies whose OnSite Inspections for Consumer Reporting are approved by all three major credit bureaus. This means that whichever bureau’s consumer data a business accesses, TrendSource’s OnSite Inspections will satisfy that company’s compliance needs.
And now TrendSource OnSite Inspections are easier than ever with a new digital payment portal that streamlines the process.
Check out our recent blog, which outlines everything you need to know about ordering OnSite Inspections online.