Bad data can mean a delay in your submissions to the CCR, so as test sites go live and the submission date grows closer, some housekeeping might be needed to ensure the quality and accuracy of the data you'll be submitting to the CCR. The team at Wellington IT have begun submitting test data to CCR from our pilot sites, and through doing this, we’ve identified some issues that it would be worthwhile for any Credit Union to take a look at.
1. Make sure that addresses and account types (single or group) are up to date and in order.
Your IT provider should be working closely with you to highlight any issues that might crop up during your uploads, but it's always worth casting an eye over the data yourself beforehand!
2. You have to give your IT provider final sign off before they can upload your data.
With all the planning that's gone into preparing to upload your data, this can be an easy step to overlook. Forgetting to send a confirmation, or assuming your IT provider will go ahead with the data upload can lead to some serious delays!
3. You must inform your members that their data is going to be sent to the CCR.
How to do this is an individual decision for all Credit Unions - after all, you know how best to communicate with your members. Whether your choose to this via letter, email, or any other form, it's something that needs to be done well in advance of data submission. Make sure to also add a notice about CCR to your application and loan application forms, as this means new members and loan applicants are kept updated on where their personal data is going, and you won't have to post regular mass communications.
4. Separate out your written off loans.
Written off loans must now be classified into two fields: those that are no longer being pursued, and those which are still being pursued. Your IT partner should have already supplied you with the tools and information that you need to do this, but if they haven't, now is the time to contact them to ensure you have the capability within your system to do this
5. If you’re engaged in a TOE, check in with the legacy supplier.
It’s important to check what stage of CCR development the legacy supplier is at in order to compare it against your own supplier’s CCR programs. If the legacy program is behind where your supplier is, it means you may have to cleanse and update the new data your Credit Union is receiving before you can submit it to the CCR, leading to a delay you may not have factored into your upload timescales.
Compliance is a key issue for Credit Unions all over Ireland. We're committed to helping our partners stay compliant, with dedicated project managers and a highly skilled compliance team.