A new credit report from TransUnion will allow credit unions to get deeper look into the way a credit applicant manages credit, the credit information firm announced.
The expanded credit report will draw new information from a new service TransUnion dubbed CreditVision.
Among other things, CreditVision will offer 30 months of history into how consumers manage their credit use, including whether they have been paying off balances in full every month, building credit balances or shrinking them and how much consumers are spending on their credit bills in total each month.
“Lending institutions and companies of all sizes are looking to leverage additional data insights to maximize growth,” said Tony Terrazas, group vice president in TransUnion’s Innovative Solutions Group.
“CreditVision marks a significant advancement to help lenders achieve these results. The data sets now available provide a more actionable view into consumer behaviors and trends, providing a foundation for advance analytics to optimize growth,” Terrazas said.
Credit unions will be able to use this information to better match their members to the best cards as well as improve how they manage risks, the credit bureau asserted.
For example, a TransUnion analysis of new consumer auto and credit card accounts could show members who were revolving on their credit card accounts in the month prior to opening a new account are two to three times more likely to become delinquent than members who were previously transacting on their credit cards.
As consumer payment patterns and use of credit change, our customers must adapt accordingly to fully understand and quickly act on these changes,” Terrazas said. “The CreditVision suite of products offers just that – better and more predictive analytics, which lead to more impactful business decisions.”