TransUnion recently expanded its range of services in Hong Kong to move beyond its traditional consumer credit data reporting role and become an information solution provider.
It has upgraded its technology platform to bolster its data analytics capabilities and reduce the time required to deploy new solutions to market. One product that was the result of this upgrade is the CreditVision, a data and analytics solution that enables bank to better manage credit risks.
With CreditVision, banks will be able to see a longer period of a consumer's credit history, helping them make more informed lending decisions. Meanwhile, consumers can use the solution to have a full history of their personal finances to help them receive the credit terms for which they are qualified.
New brand identity
TransUnion's expansion of services coincides with the launch of the company's new global brand identity. The new brand emphasises the company's "broader objective to unleash the power of information," said Lawrence Tsong, TransUnion's president for Asia Pacific. To do so, the company will use its "data and analytics capabilities for many worthy objectives such as helping to mitigate the risk of identity theft," he added.
The new TransUnion products will also help open up credit to unbanked and underserved consumers in the region, particularly those in the growing middle-class in emerging markets such as the Philippines and Thailand. With TransUnion's solutions, those consumers with little to no information in their credit history will be able to receive a credit score and report for loans.