I've seen the Sound Exchange process in the past (not for Universal). Here's how it worked:
You give them a list of label names and artist names that you think you have rights to.
Now, Sound Exchange gets money from all sorts of places... internet radio sites, etc... sometimes the data is good, sometimes the song and artist names are mixed up, stuff's misspelled, numbers are spelled out when they shouldn't be or the other way round... you get the picture. Good luck getting something really useful like an ISRC. And yes, if the people sending the money to Sound Exchange put "Universal" under the label field, that's what they'll use later on.
Sound Exchange does some regular expression matching to try to match up your stuff with their stuff. Then they send you a list of thousands of songs (I bet Universal gets tens of thousands on their lists) that they think might be yours, and ask you to let them know if they really are yours or not.
I don't think anyone is going to go through all those thousands of songs and check them all one at a time, so you get someone to do regular expression matching on your side, or maybe you just eyeball the thing.
It's a difficult process; matching that volume of songs which don't have standardized data just isn't an easy thing to do. Mistakes will be made all along the line. Doesn't make things any easier for the artist who's affected though.
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