TransUnion Collaborates with Temenos to Enhance CreditVision's Capabilities
Fremont, CA: TransUnion, a firm providing credit information and information management services announced its new strategic partnership with Temenos,a software provider for banking and financial solutions. With this alliance Temenos will integrate its collection technology with TransUnion’s CreditVision solution to facilitate collection agencies and debt buyers with a model that would increase recovered amount by about 9 percent, in contrast with the third generation models. A study revealed that CreditVision model could pull in an average of 3 percent more payers, as reported by TransUnion.
Formerly, customers of both the companies had to depend on traditional recovery scores and credit reports to handle collection amounts. But now with the partnership, Temenos’ customers will have complete access to the CreditVision recovery model that improves lending decisions by leveraging credit data on each consumer, including historical information of upto 30 months. In addition, CreditVision scores feature actual payment amounts which none of the traditional risk scores include. The expanded view of data can unveil certain trends such as timely payments from customers and gradually decreasing utilization.
“The credit environment has changed and credit unions are looking for more insightful ways to work with their members,” says Aaron Smith, Vice President of TransUnion. “The new CreditVision recovery model is built on newer, trended data elements on consumer behavior and will help Temenos’ customers recover more dollars than traditional recovery models,” he emphasizes. According to Larry Edgar Smith of Temenos, the new collaboration is expected to bring improved collections and give customers a wide access to data and insights.
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