Credit reference agency TransUnion has launched a trended data product in the UK market for the first time, it has confirmed to Credit Strategy.
Trended data is view of consumers’ credit data over time, so in the case of two people who have similar, or the same, scores, you can see whose is improving and whose is getting worse.
In 2018, Credit Strategy – in collaboration with TransUnion – conducted research to gain vital insight into technological developments and areas of focus across four key sectors, including utilities and telecoms, banking and alternative lending, retail finance and car finance.
Cumulatively across the four sectors surveyed, 81 percent of respondents felt that trended data has a role to play in their offering to clients.
Will North, TransUnion’s director of core credit, said the trended data product, TrueVision, “allows us to identify consumer behaviours not previously possible”.
The platform comprises a score, over 2,000 attributes and algorithms and compresses trended and alternative data into a summarised view with different components.
He added: “These include spend behaviours, wallet shares, balance magnitude movements and payments behaviour, all of which are combined to try and understand the consumer’s future behaviour. In the US for example, we have been able to score 26 million more consumers and have helped banks identify upwards of 23 million more consumers as super prime.”