TransUnion launches new tool to support UK finance providers and empower consumers to take control of their financial passport

TransUnion, one of the UK’s leading credit reference agencies, has announced the launch of CreditView – a new, white-labelled, interactive solution which provides consumers with access to their credit scores whilst helping finance providers to engage customers, increase brand loyalty and personalise offers.

CreditView comes in a modular format, which can be tailored to create individual brand experiences. The app-based dashboard enables lenders to provide consumers with ongoing visibility of their current credit profile. This includes access to their credit score and report, daily alerts to provide early warning of changes to their credit profile – a useful tool for fraud monitoring – and month-on-month score comparisons to help consumers better understand and manage their credit.

In turn, this deeper insight into consumer behaviour helps lenders increase customer loyalty and generate greater value by better understanding their customers. The enhanced insights enable targeted offers that are suited to the customers’ individual scores and patterns of activity, which increases the likelihood of acceptance. TransUnion has found that consumers who self-monitor their credit score are three times more likely to open a new account, while 40% experience an increase in their score within six months of regular monitoring.

Commenting on the launch, Kelli Fielding, managing director of consumer markets at TransUnion said, “According to our recent research, two thirds (66%) of consumers don’t know what their credit score is and less than four out of 10 (38%) feel confident that they know what information is stored in their credit report. Given the important role that credit scores play today – with over a fifth of those we surveyed saying their credit score has helped them achieve a life goal – it’s essential that consumers understand this information.”

TransUnion’s study of UK consumers illustrated that they are most concerned about their credit score when interacting with finance providers and applying for either a mortgage, loan, or credit card. Given the findings also showed banks to be one of the most trusted sources of financial information, there is an opportunity – or perhaps even a duty – for banks and finance providers to help consumers understand their data and the power it unlocks.

Fielding continued: “With CreditView, it’s easy for finance providers to support consumers in taking control of their credit score, which in many ways is like a financial passport that enables access to a host of opportunities. This, in turn benefits their business thanks to increased loyalty. Our research found that over a third (35%) of customers believe that banks and finance providers are responsible to some degree for their credit report, so whilst it’s important we empower consumers by helping them to better understand credit scoring, we also need to recognise the role that both finance providers and credit reference agencies have to play here.”

CreditView will also soon be introducing a simulator function which allows consumers to input a variety of different scenarios, such as adding a credit card or loan, to help them understand impacting factors and view the consequential effects on their credit score. This enhanced financial awareness will further increase consumers’ ability to make better financial decisions, and improve their experiences when applying for financial products.