New Product from TransUnion Ends One-Size-Fits-All Credit Advice with Specific, Actionable Steps Americans Can Take to Improve Their Credit Health
CreditCompass™ from TransUnion gives consumers control over their path to better credit health
TransUnion (NYSE: TRU) unveiled CreditCompass™, a customizable credit tool that provides personalized steps Americans can take to reach their credit score goals. Launched to coincide with National Financial Literacy Month, the CreditCompass product is now available as part of a TransUnion® Credit Monitoring subscription, which provides an array of credit resources to educate consumers and put them in control of their credit health.
CreditCompass eliminates the need to rely on general credit advice by providing specific, actionable steps that empower consumers to achieve the credit score they want over a period of up to 24 months. The new product creates each individualized plan by assessing a consumer’s personal credit data, as well as data from millions of real credit experiences of Americans who successfully improved their credit health in similar situations.
“In a market of one-size-fits-all credit advice, it can be difficult for Americans to find a clear path forward to achieve their specific financial goals,” said John Danaher, President, Consumer Interactive at TransUnion. “CreditCompass answers this unmet need by providing actionable steps based on an individual’s specific credit situation. As we celebrate National Financial Literacy Month this April, we’re thrilled to launch a product that helps consumers easily understand and puts the power to achieve their credit health goals back into their hands.”
The development of this product showcases TransUnion’s ongoing innovation by leveraging the latest in data science and technology, powered by the VantageScore® 3.0 credit scoring model. VantageScore is widely used by lenders and financial institutions and is able to assess the creditworthiness of 40 million more individuals than traditional scoring models. To enable CreditCompass, VantageScore researched the combination of behaviors that consumers in a given profile demonstrated during a 24-month window in which their scores improved. CreditCompass uses information from this data source along with an individual’s credit report to inspire consumers to build better credit health habits over time by providing specific steps around payment schedules, credit card mix and activity, credit utilization, and debts and balances.
Source: TransUnion Press Release