TransUnion Boosts Entrepreneurial Innovation with New Startup Credit Kit
April 10 2018 - 8:02AM
Access to relevant data can make or break a startup company,
especially in the ultra-competitive financial services industry. To
meet the needs of startups and their investors, TransUnion
(NYSE:TRU) today launched the Startup Credit Kit at
LendIt Fintech USA 2018, giving new companies faster access to
cutting-edge alternative and trended credit and fraud prevention
data.
“The Startup Credit Kit allows new financial services innovators
to access vast amounts of data and tools quickly,” said Steve
Chaouki, executive vice president and head of TransUnion’s
financial services business unit. “New companies can use the
Startup Credit Kit to move from concept to market-ready solutions
much faster than ever before.”
With TransUnion’s Startup Credit Kit, new businesses can more
quickly gain access to depersonalized consumer credit data to
better explore the market for untapped opportunities. It also helps
new businesses determine the viability of their products by
analyzing real-world depersonalized consumer credit data. This
allows startups to focus their resources on high-potential market
segments and product opportunities while allowing them to prove
their concept to raise funding in the early stages of the startup
lifecycle.
Startups associated with investors collaborating with TransUnion
can gain access to the Startup Credit Kit. “Data is the
lifeblood of innovation in financial services, and many startups
will benefit from access to this data,” said Sheel Mohnot, partner,
500 Startups. “The Startup Credit Kit is a game-changer that will
benefit startups in a wide spectrum of industries.”
Startups connected with participating university and non-profit
programs can also benefit from this opportunity. “Early stage
access to quality data is critically important to enabling startup
innovation. It is really exciting to see this program help startups
open up new markets and create new data-driven business models,”
said E.J. Reedy, director of strategic initiatives and FinTech at
the Polsky Center for Entrepreneurship and Innovation at the
University of Chicago.
Many of the top FinTechs of today began as startups less than a
decade ago. FinTechs now comprise 36% of the personal loan market
share as of Q3 2017, up from 15% at the end of 2014 and just 0.8%
at the conclusion of 2010.
“New startups need to hit their developmental milestones quickly
in order to avoid burning precious capital, raise additional
financing, and remain relevant,” said John Wirth, vice president of
FinTech strategy and market development at TransUnion. “The Startup
Credit Kit makes it easier for entrepreneurs to jumpstart their
businesses by gaining quick access to the data assets fueling much
of today’s innovation.”
Solutions Available to Startups
Startups will have access to many award-winning solutions
powered by TransUnion data. Each of the below solutions offers
different benefits that can help a startup at various product
lifecycles. These include:
- CreditVision®: Startups can gain a more
complete view of consumers and their credit histories through
depersonalized trended credit data. Where traditional credit
variables offer a glimpse of the consumer at a snapshot in time,
trended data assets leverage up to 30 months of historical
information. For example, while traditional credit variables may
tell you a consumer has $10,000 in credit card debt, using trended
data would indicate whether they have built up or paid down that
balance over time, giving a more accurate risk profile.
- CreditVision® Link(SM): The first score to
combine trended credit bureau data and alternative data provides a
clearer picture of a consumer’s risk. CreditVision Link also allow
lenders to score over 60 million more people versus traditional
models, and are proven to accurately score more than 90% of
applicants typically returned as no-hit or thin-file.
- Fraud Prevention Exchange: Startups can better
recognize fraudulent identities and behavior with access to
information from other lenders, combined with available data from
TransUnion’s entire network of customers.
- IDVision(SM) Alerts: More than 65 real-time
notifications are provided about high risk, suspicious identities
and other potentially fraudulent activities.
- PeerIQ Credit Insights™: This benefit allows
startups to quickly check market trends and performance via an
analytical suite of risk management, performance measurement and
valuation capabilities for each consumer credit asset class, going
back to the year 2000.
“Receiving fraud alerts and recognizing fraudulent behavior
through TransUnion’s network can help startups navigate their way
through their early, more fragile stage of development,” said
Wirth. “While established portfolios can endure some fraud losses,
most new businesses cannot.”
The ABC’s of the Startup Credit Kit
The Startup Credit Kit will include two packages – the Planning
Package and the Launch Package. The Planning Package involves
depersonalized solutions for early stage planning and development.
The Launch Package includes personalized solutions for new startups
going live.
The TransUnion Startup Credit Kit is only available to new
startups via their investor, university, and non-profit
affiliation. “We encourage startups to check with their
partners—investors, universities, and non-profits— to see if they
are already participating in the program and to ask them for a
referral to TransUnion,” said Wirth.
Investors, universities, and non-profits not yet participating
in the program, but who would like their portfolio companies to
gain access to these solutions, are encouraged to contact
TransUnion at startup_creditkit@transunion.com for more
information.
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, 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.
http://www.transunion.com/business
Contact |
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Dave Blumberg |
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TransUnion |
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E-mail |
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David.Blumberg@transunion.com |
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Telephone |
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312-972-6646 |
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