TransUnion announced the launch in the Philippines of CreditVision, its revolutionary suite of trended data capabilities that has changed the way financial institutions around the world understand, manage and evaluate their customers.
CreditVision provides a more detailed and accurate picture of a consumer’s financial behavior over a period of time compared to traditional scoring models. By analyzing up to 24 months of financial information, versus the conventional approach of looking at data at a single point in time, CreditVision provides a deeper understanding of the consumer’s current and likely future financial situation, enabling more accurate lending decisions.
TransUnion’s CreditVision has empowered lenders to offer loans to millions of new customers and new-to-credit individuals in global markets and is set to transform lending in the Philippines where it is unique: the only trended data product available in the market.
CreditVision’s breakthrough capabilities come at an important time, as the economic downturn due to the pandemic is causing rapid shifts in consumer financial situations and changes in consumer actions. CreditVision builds on TransUnion Philippines’ database of 24 million account points that features a more insightful, holistic view into consumer behavior.
The trended data solution gives businesses the clarity and assurance needed to lend, predict risk, and continue to support consumers during uncertain economic times. More reliable and highly predictive trended usage and payment data becomes even more valuable when recent signs of consumer financial stress are invisible to lenders; now often the case under COVID-19.
Getting a more complete picture of a customer’s total debt obligation and payment behavior is key to getting an early indication of risk profile changes and being able to make the best decisions in this rapidly evolving crisis.
TransUnion’s technology-assisted solutions are specifically crafted to strengthen capacities in order to help effect positive outcomes within the business community and the local economy as a whole. CreditVision’s trended credit data and proprietary algorithms help lenders achieve better results by truly understanding consumers’ needs and predicting future customer performance more accurately than traditional risk scores. It also allows organizations to lend with more confidence during the COVID-19 pandemic by providing a more comprehensive understanding of consumers who have over time represented good credit risk.
Designed specifically with account management strategies in mind, CreditVision allows lenders to understand consumer behavior to a degree not previously possible, giving a dynamic view of changes in balances, shifts in utilization, payment amount, payment history and more. In contrast to traditional models, lenders can see whose credit behavior is improving over time. With CreditVision, lenders can both manage losses by pinpointing consumers showing signs of financial stress and improve the customer experience, offering better rates and terms on credit products. This empowers lenders to effectively manage risk and find new revenue opportunities.
TransUnion’s CreditVision delivers strong benefits and creates significant value across the consumer lifecycle, including onboarding applicants who may otherwise have been rejected; reducing acquisition costs; and improving decisioning across score bands with more granularity and accuracy. Launched by TransUnion in the United States, CreditVision has proven highly effective in regions where TransUnion has comprehensive credit data, including Canada, India, Colombia, South Africa, Hong Kong and recently, the UK.
TransUnion India, for instance, saw a client achieve a 28-percent increase in approval rates at the same risk when using trended data through CreditVision. Meanwhile, TransUnion South Africa saw clients achieve as much as a 56 percent increase in risk predictability, a 20-percent improvement in approval rates, and a 29-percent decrease in bad debt amounts on portfolios when using this approach.
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace.
As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.® TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries.
In the Philippines, TransUnion is major credit reporting agency offering a number of specialist services in acquisition, portfolio review and management; fraud, identity and risk management; and collections.
It supports organizations across a wide variety of sectors including finance, retail, telecommunications and insurance.