TransUnion announced the launch of CreditVision® enhanced credit information, a new look in consumer credit data reporting that allows for deeper insights into credit behavior for both businesses and consumers.
In conjunction with this launch, TransUnion is offering a suite of CreditVision products, featuring an expanded credit report with new and enriched data fields, historical account information, premium algorithms, and new, more sophisticated risk scores and marketing models.
CreditVision provides businesses with a much deeper historical view (30-months) of consumers for making effective credit decisions, while giving consumers a fuller history on their credit management. This historical view of customer account data has not been available on consumer credit data before now, and is a progressive advancement from traditional credit reports that provide just a current month point-in-time view of customer accounts.
“Lending institutions and companies of all sizes are looking to leverage additional data insights to maximize growth,” said Tony Terrazas, group vice president in TransUnion’s Innovative Solutions Group. “CreditVision marks a significant advancement to help lenders achieve these results. The data sets now available provide a more actionable view into consumer behaviors and trends, providing a foundation for advance analytics to optimize growth.”
Through CreditVision enhanced data and proprietary CreditVision algorithms, new consumer insights, previously unavailable from traditional credit data alone, can be brought to light, such as:
Determining if consumers are paying off their credit cards in full each month — “transacting” — or carrying a balance on their credit cards from month to month — “revolving”
Are consumers building balances on all their revolving accounts over time, or paying down balances?
How much are consumers spending on their credit cards each month, and is that spend level increasing or decreasing compared to the prior year?
Lenders can use these new insights to help increase marketing effectiveness and better match the right products to the right consumers at the right time, improving risk management practices. For example, TransUnion analysis of new consumer auto and credit card accounts show that consumers who were revolving on their credit card accounts in the month prior to opening a new account are 2-3 times more likely to become delinquent (90+ days past due over the next 2 years) than consumers who were previously transacting on their credit cards. Moreover, this difference in transacting and revolving consumer performance exists even for consumers with a similar traditional risk score at the time they opened the new account.
“As consumer payment patterns and use of credit change, our customers must adapt accordingly to fully understand and quickly act on these changes,” Terrazas said. “The CreditVision suite of products offers just that — better and more predictive analytics, which lead to more impactful business decisions.”
CreditVision products build on the existing TransUnion Credit Report, which draws information from the TransUnion database containing files on more than 250 million consumers — virtually every credit-active adult in the United States. The information in the database is provided by more than 85,000 credit-granting institutions and data furnishers. The database is updated, audited and monitored on a regular basis to ensure businesses consistently have the most current information available to enhance decision-making capabilities.
Source: TransUnion Press Release