TransUnion, one of the country's three most trusted credit bureaus announce on October 5 a team up with ID Analytics, a company that creates identity risk management solutions. The credit bureau will start to employ the company's collections, credit, and identity risk solutions in TransUnion's portfolio of service offerings.
With the score provided by ID Analytics, TransUnion's clients would be able to look at their fraud risk and creditworthiness across their entire lifecycle. Other additional services TransUnion would be able to offer to consumers with the help of ID Analytics include origination, portfolio management and collections. The two companies' join forces are expected to help reduce credit losses, improve collection efforts and bring down costs associated with fraudulent transactions.
According to Steve Sassaman, executive vice president of TransUnion's financial services group, the solutions from ID Analytics are an alternative source of information about consumer behavior and risk management which consumers can have access to. On the other hand, TransUnion would be able to reduce its risk exposure by having the solutions which give additional insights into consumers' stability. This is to say that TransUnion would have the ability to measure their clients' use of credit card and identity formation.
The scores provided by ID Analytics are, at the moment, the nation's only real-time, cross-industry compilation of identity information. They come from data which is collected from over one billion consumer transactions and more than two million confirmed identity frauds.
Most of the company's clients include leading financial institutions, retailers, healthcare companies, auto and mortgage lenders, telecommunications services, and government agencies. All have benefited from the unique network of precious identity information produced by ID Analytics.
Bruce Hansen, chief executive officer for ID Analytics releases a statement that through their company's relationship with TransUnion, more consumers would be able to use the solution they offer which have been integrated well in TransUnion's platform. He also adds that like TransUnion, other companies can make use of their ID Network with very little investment in integration.
TransUnion is expected to improve on its product portfolio now that it has already integrated ID Analytics' solutions. The following areas are the main targets of improvement:
Collection: TransUnion would be able to offer a wider range of services that address the collections lifecycle. ID Analytics© Collections Optics™ produces scores that would enable creditors to identify self-curing and never-curing accounts of clients. This is helpful in choosing which treatments to apply to balance accounts. The latter stage scores will help collectors focus efforts on accounts that will likely repay a higher percentage of the outstanding account balance.
Credit: The score created by ID Analytics? Credit Optics™ could be used by consumers as a supplement to their credit report and credit qualifications. This could be beneficial as a supplement credit score which providers can use to build effective swap-in/swap-out strategies using an alternative view of consumer behavior.
Identity Risk: ID Score© which is produced by ID Analytics is trusted by many financial institutions, retailers, government agencies, and auto and mortgage lenders to identify potentially fraudulent transactions. Consumers can avail of this through TransUnion and creditors can check on consumers using the ID Score as well.