Quoting data from Transunion the Wall Street Journal is reporting that 106 million loans have been enrolled in forbearance, deferment...
Monzo has become the first bank to offers its customers a free credit score service; starting in March the UK...
The U.S. personal loan market has surged in the last 5 years to reach more than $138bn; one of the...
Online lending data and analytics platform PeerIQ announced their latest offering, a consumer credit suite backed by TransUnion data; the suite includes TransUnion’s depersonalized consumer credit data from the year 2000 to present day; users of the suite can see credit trends, vintage analysis, benchmarking analysis and more. Source.
A recent report by the Cleveland Fed on online lending has caused quite the controversy over its content; the Marketplace Lending Association said the Fed should retract the report; even TransUnion, whose data the report relied upon, took issue with how they presented the material; “We have no understanding of how the Federal Reserve Bank of Cleveland could have used our data to reach the conclusions they did,” Ezra Becker, SVP at TransUnion, said to American Banker; the Fed stated the terminology used in the report has caused confusion but have yet to retract the report. Source.
According to recent data from TransUnion lenders reported that almost 15 million credit cards were in financial hardship programs; this...
TransUnion’s innovation lab is entering its third year and is now planning to expand in Canada and India; participants get...
Callcredit is the second largest consumer credit bureau in the UK and was founded in 2000; the company currently has 1,200 employees; TransUnion currently does business in 33 countries. Source
Fiserv partnered with TransUnion to use their CreditVision Link software to help asses risk in their auto loan origination system; Fiserv is specifically looking to identify higher risk borrowers as they look to reach more of the underbanked; Steve Chaouki, executive vice-president and head of TransUnion’s financial services business unit, says the integration “enables lenders to score approximately 95% of the US adult population” as reported by Banking Technology. Source.
While banks might have been a bit slow to react to online lenders they are certainly taking notice today and changing how they operate; fintech companies originated about 30 percent of unsecured consumer loans in 2016 according to TransUnion, up from 1 percent in 2010; banks have started to take notice and compete with fintech companies head on and in some cases partner with them as well; banks hold significant advantages over online lenders in cost of capital and customer acquisition costs which could erode that 30 percent market share that fintechs have built. Source.