CreditCompass™ from TransUnion Reaches Milestone with Over 50,000 Consumers Seeking Individualized Plans to Reach Credit Sc...
July 18 2019 - 6:00AM
More than 50,000 consumers are in the process of improving their
credit health using TransUnion’s (NYSE: TRU) CreditCompass™, a
groundbreaking credit product launched just three months ago.
CreditCompass is based on the real credit experiences of millions
of consumers and provides specific steps for improving individual
credit health.
An analysis of current CreditCompass™ users found the average
user has a credit score of 663, with a goal to improve it by 100
points within two years. More than eight out of 10 consumers who
are actively trying to achieve their credit score goal state that
they will use CreditCompass again, and nearly three out of four say
it has been helpful for them to better understand the next steps
they need to take.
"We are very excited to see so many consumers chart their credit
path forward using personalized recommendations CreditCompass™
offers. It helps consumers feel empowered to earn the credit score
they want," said Amy Thomann, head of consumer credit education at
TransUnion.
Informed by feedback from CreditCompass™ users, TransUnion is
planning future enhancements to shorten results timeframes, showing
the most achievable plan within as little as six months. Another
key development will allow consumers to learn more about a
collections item on their credit report. “Approximately 89 million
Americans have a collection on their credit report, so we are
excited about the potential for this enhancement to be yet another
educational tool for consumers,” added Thomann.
How does CreditCompass™ work?
CreditCompass™ provides personalized steps 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. Recommendations are
provided for the following categories:
- Payment Activity – whether or not
accounts have been paid on time and whether there has been any
derogatory or collections activity.
- Percentage of Credit Used (Credit
Utilization) – the percentage of available credit
used.
- Debts and Balances – how much is owed on
all accounts or specific categories.
- New/Recent Credit Activity – the number
of open accounts as well as new accounts opened in the past two
years.
“Every person has a unique situation, and it is clear that
consumers who are motivated to take control of their financial
future have seen value in the personalized recommendations offered
by CreditCompassTM,” concluded Thomann.
Learn more about CreditCompass™ here.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that.
We are dedicated to finding innovative ways information can be used
to help individuals make better and smarter decisions. We help
uncover unique stories, trends and insights behind each data point,
using historical information as well as alternative data sources.
This allows a variety of markets and businesses to better manage
risk and consumers to better manage their credit, personal
information and identity. Today, TransUnion has a global presence
in more than 30 countries and a leading presence in several
international markets across North America, Africa, Europe, Latin
America and Asia. Through the power of information, TransUnion is
working to build stronger economies and families and safer
communities worldwide.
We call this Information for Good.®
www.transunion.com
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Dave Blumberg |
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TransUnion |
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david.blumberg@transunion.com |
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Telephone |
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312-972-6646 |
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