When companies are on-boarded by a consumer reporting agency to obtain consumer reports, there may be a need for a site visit to validate several aspects of each company:
- Does the company actually exist?
- Is the company operating out of the identified address?
- Is there adequate security for the future consumer reports?
Resellers are sometimes required by the credit bureaus to use a non-biased, third party for these inspections. Even resellers who are not required to do so will typically use an inspection company for convenience. All onsite inspection companies have certain strengths, but how do you decide which inspection company best suits your company’s needs?
As a top provider of OnSite Inspections since 2005, below are the top considerations we recommend that you address to assess your options:
Consideration # 1: Bureau-Approved Inspection Questionnaires and Processes
- All inspection companies must utilize bureau-approved inspection questionnaires and processes. Believe it or not, the credit bureaus do, in fact, connect with inspection companies to ensure their questionnaires are bureau-approved. It is recommended that you ask for a copy of the questionnaire from the proposed vendor for your review. It will only take a few minutes and it’s worth it.
Consideration # 2: Security
- OnSite Inspections are not audits, and do not typically contain confidential files; however, each inspection company should be storing and maintaining the inspections for at least 3 years in a secure database with back-up servers and a formal recovery plan for potential outages.
Consideration # 3: Turnaround Time
- The Industry standard for turnaround time is 72 hours: 24 hours to assign the inspection, 24 hours to conduct and return the completed questionnaire to the inspection company, and 24 hours to review and deliver the completed inspection to you. The inspection is frequently the last piece before the customer is allowed to access consumer reports. The faster the inspection is completed, the sooner they are able to order reports.
Consideration # 4: Price
- Common practice is that the price of the inspection is passed along to the customer. Resellers look for the least expensive inspection company to minimize costs against their competitors. Although cheaper inspection prices are extremely appealing, it is important to understand the differences in the services provided. For example, you may be settling for a less experienced inspector or a lower quality inspection.
Consideration # 5: Lack of Inspector Professionalism
- This can cost your company business. It’s a hard truth, but no matter how thoroughly it is explained, the party being inspected does not always understand that the inspector is an Independent Contractor working for a third party. The contact believes that the inspector is your employee. This is one inherent risk in other parties representing your company. It is also a reality that many of these contractors work for multiple inspection companies.
And that’s not all. Look for the full list of considerations in the September/October NAPBS Journal or for the latest industry news, become a member of NAPBS.
Taking the above considerations into account, which company do you choose?
- Ask the prospective inspection companies about all aspects of their service delivery.
- Measure your priorities against their responses.
Only then can you see which company is right for you. Good luck!
Victoria Hyzer is a co-chair of the Provider Committee for NAPBS. Click here to learn how TrendSource can help with your OnSite Inspection needs. Or visit our booth at the upcoming NAPBS Mid-Year Legislative and Regulatory Conference in Arlington, VA on April 6th – 8th.
