FAQs on data quality

Below is a list of frequently asked questions focused on the data quality aspect of GCD’s work:

Q: Does GCD audit the data systems at each bank?

A: No, that would be too intrusive.  GCD relies on the member-banks internal audit and validation processes.  Global Credit Data can't go into the banks and audit their data entry from source systems or paper records but we can look at the data from all angles possible.  GCD uses automated validations of the data fields and values in their input portal as well as in-cycle audit where a member’s data is manually audited before aggregation, looking for biases, bad data, etc.

Q: Does GCD clean the data after receipt?

A:  No, each bank does its own cleaning during the collection process to pass the validation and audit.  GCD never changes values or removes data, but we do advise members to do this when we see a need for correction.

Q: Could a member supply false data?

A:  Yes, but this would require collusive fraud and any validator or auditor would be able to see the returned data and check that it was not real.  The return of data to each member has a specific field marking which data has been submitted by that bank.  One purpose of this is to allow the auditors, validators and regulators to check this against the known good records of that bank.  In other words, GCD data is as good as the data banks are using internally.

Q: Can GCD reject data which passes all validations?

A:  Yes, GCD routinely questions incoming data for comparability and requests banks to reconsider.  GCD also completes annual out of cycle audits of members’ complete data sets in order to ensure completeness and compatibility with other banks’ data.  A scoring system including feedback is used to let members understand their own data quality in comparison to others.

Q: Do banks change the data after a GCD audit?

A:  Yes, by comparing data from one member with others, GCD can point out likely data collection errors and members usually fix these quickly.  Peer Comparison reports are a new tool introducted to  compare key statistics on the data of the submitting bank vs other banks.  The above processes ensure that member banks are aware of any problems with the quality of their data and are able to solve them in order to make the most out of their membership with Global Credit Data.

Q: What happens to old data after rule changes?

A:  we try to automatically adjust fields for old data when a field or definition changes, but many times we request for members to re-submit all data (3-year cycle).