A new study from nationwide consumer data firm TransUnion says its new CreditVision credit score will provide 26.5 million more American consumers with credit scores and will add significantly to the pool of A paper borrowers.
The firm studied a sample of 10 million credit records from its broader credit record pool at and compared how the traditional scoring system would score the records and how the CreditVision system would score them. In particular, the study sought to determine whether using the CreditVision score would result in significant numbers of consumers moving to a different risk tier and whether using CreditVision would result in more consumers having credit scores.
The study also looked at how 826,000 new loans funded in January and February of 2014 performed over 24 months.
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TransUnion developed and released the CreditView as a credit report in January 2013 and later developed the CreditView score.
"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. 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."
TransUnion contended that CreditVision scores enhance lending decisions by leveraging an expanded view of credit data on each consumer, including up to 30 months of historical information on each loan account. CreditVision scores also include the addition of actual payment amounts, a field that is new to the credit report and not included in any other traditional risk scores today.
This expanded view of data can reveal trends and behaviors, such as consumers making on-time payments, paying more than the minimum amount due, reducing total amounts borrowed or decreasing utilization over time, TransUnion said. For the first time, many consumers will benefit from insights into payment behaviors like whether consumers are paying card balances in full vs. making minimum payments.
"CreditVision's inclusion of both current and historical payment information allows lenders to identify specific credit trends and payment behaviors that allow them to make more precise lending decisions," said Tony Terrazas, senior vice president in TransUnion's Innovative Solutions Group. "These added insights will help our clients confidently engage new credit-worthy and credit-seeking populations. The result: more consumers will gain access to credit."
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