TransUnion launched CreditVision, a suite of trended data capabilities that understand, manage, and evaluate their customers, in the Philippines. CreditVision promises to provide a more detailed and accurate picture of a consumer’s financial behavior over a period of time compared to traditional scoring models.

By analyzing up to 24 months of financial information, versus the conventional approach of looking at data at a single point in time, CreditVision provides a deeper understanding of the consumer’s current and likely future financial situation, enabling more accurate lending decisions.

CreditVision builds on TransUnion Philippines’ database of 24 million account points that features a more insightful, holistic view of consumer behavior. The trended data solution gives businesses the clarity and assurance needed to lend, predict risk, and continue to support consumers during uncertain economic times.

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Trended data

More reliable and highly predictive trended usage and payment data becomes even more valuable when recent signs of consumer financial stress are invisible to lenders; now often the case under COVID-19.

“CreditVision provides a more stable view of which consumers represent good credit risk, positioning it to drive strong consumer and business benefits as the country navigates challenging economic conditions,” said Pia Arellano, president, TransUnion Philippines. “It also helps those who were previously under the radar be considered as the additional variables and attributes now in play help lenders understand shifts or patterns in the consumer’s behavior, which will enable lenders to offer the right products.”

Algorithms

CreditVision’s trended credit data and proprietary algorithms help lenders achieve better results by truly understanding consumers’ needs and predicting future customer performance more accurately than traditional risk scores. It also allows organizations to lend with more confidence during the COVID-19 pandemic by providing a more comprehensive understanding of consumers who have over time represented good credit risk.

Designed specifically with account management strategies in mind, CreditVision allows lenders to understand consumer behavior to a degree not previously possible, giving a dynamic view of changes in balances, shifts in utilization, payment amount, payment history, and more. In contrast to traditional models, lenders can see whose credit behavior is improving over time.

With CreditVision, lenders can both manage losses by pinpointing consumers showing signs of financial stress, and improve the customer experience, offering better rates and terms on credit products. This empowers lenders to effectively manage risk and find new revenue opportunities.