I was reviewing the “Loan Data Completeness” report. The report is great for identifying missing data, but unfortunately, we have a lot of cleanup to do. Do you have any suggestions for where we should start?
Dear Data Cleanup,
I love hearing you are using the “Loan Data Completeness” report, as it is a fantastic tool for quickly and identifying data gaps. It is one of my favorite reports to show clients, because they are always thrilled that the report makes it so easy to see what needs to be cleaned up!
The best place to start is with the fields that are missing the most data – this is where the “Percent Complete” column is key. You will want to start your cleanup project with the data elements that has the lowest percent complete. You can click on the number of loans missing the particular data element you are looking, export the list, and work on updating your records!
That being said, some data elements do have a higher priority than others. For reporting purposes, the top five fields I suggest starting with are:
- Original Credit Score
- Original Balance (the original loan amount)
- Balance (the unpaid balance)
- Original Collateral Value
- Origination Date