Credit-checking company TransUnion has been around since the 1960s, but is still churning out new tools. It has now launched TrueVision, a suite of tools that uses big data to empower users to better evaluate credit risk.
TrueVision utilizes trended data, which is information about the client’s behaviour over time, to provide insights into the risks associated with that customer.
A key difference between TrueVision and some other similar tools is that it does not look at just a single snapshot in time of a consumer’s finances. Instead, it looks back on the past 72 months to provide a more accurate and contextualized idea of the credit risk facing the borrower’s financial status.
Commenting on the launch, Will North, director of core credit for TransUnion UK, said: “Lenders have been looking for improved consumer insights to drive profitable growth and refine their risk management strategies. With over 2,000 data attributes and proprietary TrueVision algorithms, incredibly powerful insights emerge to help lenders achieve these results by truly understanding the story behind the consumer’s score.”
The news comes as one of TransUnion’s other new tools reached an important milestone. The company launched CreditCompass three months ago. However, the credit product has already accumulated over 50,000 users who are using the tool to improve their credit rating. CreditCompass looks at things like payment activities, credit utilization, debts and balances, and the user’s credit balance to provide better insights.
“We are very excited to see so many consumers chart their credit path forward using personalized recommendations CreditCompass offers,” said Amy Thomann, head of consumer credit education at TransUnion. “It helps consumers feel empowered to earn the credit score they want.”