SOURCE: Equipment Vine

October 15, 2015 07:30 ET

Equipment Vine Reports: TransUnion Introduces New and More Precise Credit Scoring Model to Benefit More Americans

HAWTHORNE, NJ--(Marketwired - Oct 15, 2015) - Yesterday TransUnion released CreditVision® Link(SM), the first credit score to combine credit bureau data with alternative data sources. The new credit score will allow lenders to score up to approximately 95% of the U.S. adult population, and provide a more precise estimate of consumer risk.

This advancement comes at a time where credit scores are already being abandoned as a measure of credit risk by modern lenders. FinTech companies like OnDeck and Kabbage are new age lending companies that have established their own scoring models that they use to determine creditworthiness. It could be that the standard scoring model is out of date and thus are less reliable.

TransUnion is attempting to bring their credit score model back into the modern world. By using additional information to grade creditworthiness, TransUnion has stated that more than 60 million consumers, who otherwise would have an absent or unscorable record, can now be scored using CreditVision Link.

"Information has been leading the financial sector forward for some time now," says Jim Francesco, President of Equipment Vine. "Big Data is a huge segment of the booming FinTech market, and everyone from investors, lenders, and business owners are benefiting from the collect and analyze greater and greater amounts of information. It is about time credit bureaus started catching up."

Francesco is a veteran of the equipment financing sector and understands firsthand the difficulties financing firms and business owners seeking loans have when using credit scores as a primary measure of creditworthiness.

The newest release from TransUnion could mean a new standard being set in the lending markets. CreditVion Link is still in various stages of testing, but if the new scoring model outperforms traditional risk scores its widespread acceptance could spark a significant growth in loan volume and loan quality; a win-win all around.

About Equipment Vine
Equipment Vine was set up to service the needs of the consumer and the interest of the lender. Small business owners can use to navigate through the numerous lending options and find a loan that best suits their needs while keeping their credit score protected.

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