TransUnion UK wins industry award for its open banking affordability assessment solution with Let Alliance

TransUnion has scooped the award for affordability assessment solution in the annual Credit Collections and Technology awards, in partnership with letting agent services provider Let Alliance. Hosted as part of the Credit Services Association conference, the awards recognise excellence within the credit sector. TransUnion won with Let Alliance for their strategic project which has transformed tenant referencing in the UK.

The process developed by Let Alliance, and using TransUnion’s open banking platform, allows tenants to give Let Alliance – when acting for professional letting agents – access to their banking transaction data alongside their full credit report. This means references can be returned the same day, delivering a much smoother customer journey, as well as ensuring fairer and more accurate decisions when it comes to assessing tenant applications.

“We’re delighted to see our work with Let Alliance acknowledged with this accolade. It’s been truly transformative for the UK rental sector, with significant benefits for the consumer – in this case the tenant – so it’s a great example of our ethos of using ‘Information for Good’,” said Kelli Fielding, managing director of consumer markets at TransUnion. “It’s also a fantastic reflection of our partnership and a great example of the benefits that open banking can bring, extending far beyond financial services.”

Let Alliance CEO Andy Halstead added: “When we set out on this journey, the goal was to give letting agents access to tenant referencing and full credit history for the first time using the same data that banks and credit card companies use and that’s what we’ve delivered, working with TransUnion and using their open banking technology to put the tenant at the heart of the process. This award is an affirmation of the power of data and technology and we’re thrilled to receive it with TransUnion.”

About: Let Alliance provide specialist services supporting the private rental sector. It  provides specialist services to support the private rental sector. Offering market-leading referencing and insurance services as well as bespoke products for letting agents, tenants, and landlords.

Source: TransUnion Press Release