TransUnion Expands Credit Access to More Americans with Acquisition of FactorTrust

0 Comments 2 view(s)

CHICAGO, Nov. 14, 2017 (GLOBE NEWSWIRE) — TransUnion (NYSE:TRU) announced today the acquisition of FactorTrust, a provider of alternative credit data, analytics and risk scoring information that empowers lenders to make more informed decisions, and increases financial inclusion to a wider population of consumers.

The acquisition reinforces TransUnion’s position as a provider of consumer reporting models that capture a wide range of positive payment behaviors. The addition of FactorTrust’s short-term and small dollar lending data to TransUnion’s suite of credit solutions gives lenders the information they need to offer responsible borrowers a broader range of credit products, supported by TransUnion’s robust data security, technology and customer service infrastructure.

Short-term and other small dollar loans are the largest category of consumer credit obligations not currently part of nationwide credit reporting agency databases. In many cases, historically underbanked consumers have selected short-term loans because an insufficient credit history left them with few options. The breadth of data offered through TransUnion’s purchase of FactorTrust will provide lenders with a more comprehensive view of consumers’ financial obligations and payment performance, expanding consumer choice.

“Access to credit is the building block of a strong American middle-class economy,” said Jim Peck, TransUnion’s president and chief executive officer. “With the acquisition of FactorTrust, we will be able to capture a wider variety of positive data that can be a stepping stone to building consumers’ credit profiles, helping …

Full story available on Benzinga.com