TransUnion announced on June 25th the launch of Personal Loan Score, the industry’s first credit scoring tool designed to help businesses reduce delinquency of unsecured loans for the Hong Kong market.
This scoring solution assists businesses in predicting future loan performance and assesses the value of a loan over the next 12 months. By providing innovative evaluation and insight into potential customers’ credit scores, the Personal Loan Score can help Hong Kong’s businesses make more informed and strategic decisions about attracting the right prospects. Using this score, businesses can manage their risk exposure with increased accuracy, which helps to drive revenue and decrease collection costs.
“A proven scoring system — geared toward mitigating unsecured loan risk — is a powerful tool for businesses to assess initial loan applications,” said TransUnion’s Lawrence Tsong, managing director. “We expect the Personal Loan Score to be the standard for credit risk assessment related to unsecured loans in the Hong Kong market.”
TransUnion’s Personal Loan Score is specifically tailored for Hong Kong, a market where the quantity of credit data continues to evolve. Now, businesses will be able to enhance modeling for customer acquisition and segmentation practices, which will add value to current operation procedures and business processes.
“Evaluation of consumer lending habits has been at the forefront of the industry, with businesses wanting the necessary tools to make strategic, profitable decisions throughout the customer lifecycle,” said Tsong. “With TransUnion’s Personal Loan Score, businesses will gain invaluable insight into the credit lifecycle, providing actionable results to minimize future delinquencies.” For further information contact Michael Lo at firstname.lastname@example.org