A new study from TransUnion said the consumer data firm's new CreditVision credit score will create credit scores for 26.5 million more American. The product will also increase A paper borrowers.
"The majority of lenders rely heavily on credit risk scoring to determine the best products and pricing for applicants, and TransUnion is leading the charge in making sure consumers get the credit they earned," Charlie Wise, vice president in TransUnion's Innovative Solutions Group, said.
"CreditVision scoring means millions of previously unscored consumers, who typically have difficulty accessing credit, may now have significantly expanded borrowing opportunities," he added. "It also means that millions more consumers may be offered lower interest rates resulting in reduced payments on credit cards, mortgages, insurance policies and auto loans."
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