TransUnion Launches CreditVision Acute Relief Suite to Help Lenders and Insurers Identify and Support the 106 Million Account...
June 18 2020 - 8:00AM
As millions of consumers continue to request and receive various
payment accommodations, TransUnion (NYSE: TRU) today officially
launched its CreditVision® Acute Relief Suite to assist lenders and
insurers in supporting consumers while still managing risk within
their portfolio.
The CreditVision Acute Relief Suite
features a set of 88 attributes that identify accounts and
relationships receiving special accommodations for consumers
currently in relief status. The attributes allow lenders and
insurers to better understand how consumers and their accounts have
been affected – broken out by different credit products, the timing
of when they were reported in these statuses and the balances of
those accounts.
“Tens of millions of consumers have
been impacted by COVID-19 and TransUnion’s CreditVision Acute
Relief Suite offers additional insight to create a more complete
financial picture,” said Curt Miller, executive vice president of
credit risk solutions at TransUnion. “The pandemic is complex, and
as each lender-to-consumer arrangement may be different, there is
no single, simple indicator of who is affected and who is not. By
bringing better clarity, the suite helps ensure each person is
reliably and safely represented in the marketplace, allowing
businesses to transact with confidence and help support their
customers. As the pandemic evolves, we will stay close to our
customers and consumers, and continue to enhance and evolve our
solution.”
The suite also includes the CreditVision Acute Relief Risk
Score, which uses trended usage and payment data as strong leading
indicators of risk. The score can be coupled with other risk scores
to help lenders and insurers protect their customers and portfolios
while improving new account underwriting strategies. The
CreditVision Acute Relief Suite is available across TransUnion’s
traditional platforms as well as Prama DataHub, the only in-market,
self-service data extraction analytic tool with archives back to
2000.
Number of accounts in relief
programs continues to grow
Data from the CreditVision Acute Relief Suite point to the
ever-changing number of consumers in either a forbearance, deferred
payment or a natural disaster situation. As of May 31, the number
of accounts in such programs totaled 106 million, nearly three
times higher than the 35 million accounts observed on April 30.
Accounts in such status included auto loans, credit cards, home
equity lines of credit, mortgages, personal loans, retail credit
cards and student loans, among other credit products.
Recent TransUnion consumer research found that three in four
(74%) consumers who have a financial accommodation are extremely or
very confident that they understand the terms. However, financially
impacted consumers who have received an accommodation are more
concerned about paying bills/loans (90%) vs. those who have not had
an accommodation (60%). These individuals also are closer to being
unable to pay bills/loans (4.9 weeks vs. 6.4 weeks for those
without an accommodation).
Information about the CreditVision Acute Relief Suite can be
found here and businesses interested in learning how to navigate
the impacts of COVID-19 can gain insights from TransUnion webinars,
blogs and more here. Additional resources for consumers looking to
protect their credit during the COVID-19 pandemic can be found
at transunion.com/covid-19.
About TransUnion (NYSE: TRU)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®.
A leading presence in more than 30 countries across five
continents, TransUnion provides solutions that help create economic
opportunity, great experiences and personal empowerment for
hundreds of millions of people.
http://www.transunion.com/business
Contact |
Dave
Blumberg |
|
TransUnion |
|
|
E-mail |
david.blumberg@transunion.com |
|
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Telephone |
312-972-6646 |
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