Automotive loan origination integration with CreditVision Link adds
trended and alternative data to credit score
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today a partnership with TransUnion to
improve price, decision accuracy and expand the customer base within the
automotive lending space. Integrating Automotive
Loan Origination System from Fiserv with CreditVision® LinkSM from
TransUnion will help increase precision of scoring and risk modeling.
By including additional data points to evaluate credit applications,
lenders can better identify high-risk and high-opportunity consumers,
including emerging credit populations often overlooked or denied by
lenders due to insufficient data in traditional credit files.
"Understanding the customer is critical not only to making informed
business decisions, but to also build and nurture customer relationships
and loyalty over time," said Steve Chaouki, executive vice president and
head of TransUnion's financial services business unit. "Our integration
of CreditVision Link trended and alternative data sources
into Automotive Loan Origination System enables lenders to score
approximately 95 percent of the U.S. adult population."
CreditVision Link leverages new alternative data sources to its risk
scoring analysis, including address stability, checking account history,
microloans/ alternative lending and property ownership. Fiserv has
implemented a select number of trended and alternative data scores,
which include up to 30 months of historical information on each loan
with actual payment history and amount borrowed over time. There are
currently 60 million underserved consumers who potentially can now be
scored, as well as expanding the "super prime" customer base by 23
million.
"The most successful auto lenders prioritize the needs of their
customers while managing risk exposure," said Shaimaa Elk, Chief
Information Officer, Lending Solutions, Fiserv. "The partnership between
Fiserv and TransUnion enables lenders to provide borrower-focused
customer service and better optimize profitability, cost reductions, and
efficiencies."
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today — financial services at the speed of life. Learn more at fiserv.com.
Additional Resources:
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are
dedicated to finding innovative ways information can be used to help
individuals make better and smarter decisions. We help uncover unique
stories, trends and insights behind each data point, using historical
information as well as alternative data sources. This allows a variety
of markets and businesses to better manage risk and consumers to better
manage their credit, personal information and identity. Today,
TransUnion has a global presence in more than 30 countries and a leading
presence in several international markets across North America, Africa,
Latin America and Asia. Through the power of information, TransUnion is
working to build stronger economies and families and safer communities
worldwide.
We call this Information for Good. http://www.transunion.com/business
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences that are in step with the way
people live and work today. For more than 30 years, Fiserv has been a
trusted leader in financial services technology, helping clients achieve
best-in-class results by driving quality and innovation in payments,
processing services, risk and compliance, customer and channel
management, and insights and optimization. Fiserv is a member of the
FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most
Admired Companies® for four consecutive years, ranking first in its
category for innovation in 2016 and 2017. For more information, visit fiserv.com.
FISV-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20171212005333/en/
Media Relations:
Elizabeth McMillan, APR
Director,
Corporate Communications
Fiserv, Inc.
678-231-3443
Elizabeth.McMillan@fiserv.com
or
Additional
Contact:
Mark Jelfs
Manager, Public Relations
Fiserv,
Inc.
414-218-4019
Mark.Jelfs@fiserv.com
Source: Fiserv, Inc.
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