Economic Good
Empowering people, businesses and economies with information and insights
Expanding economic opportunity and financial inclusion in an uncertain market environment
We help people understand and protect their financial health. We also help businesses better understand risk in lending and services. Together, our work supports stronger economies – in good times and bad.
In today’s uncertain economic environment, empowering people with personalized financial management and identity protection solutions is more important than ever. Accurate credit information can help ensure access to more favorable loan terms and opportunities for individuals.
Credit information is a key factor in building long-term financial security for many people. As traditional methods of credit evaluation can leave millions without access to credit, we use trended credit and alternative data to promote financial inclusion and opportunity.
In turbulent economic times, improving access to opportunity through the availability of credit information is one of the most important roles TransUnion plays. Improved access to credit can help individuals and communities improve their standard of living.
Digital fraud has become prevalent and fraud prevention is more important than ever for people and businesses who want to transact. We unite both people and device identities to detect threats across markets, safeguarding tens of millions of transactions for consumers and businesses each day.
In our role as a provider of solutions that help create economic opportunity and empowerment, TransUnion is committed to leveraging our unique expertise and capabilities to help consumers and businesses make their way through the COVID-19 crisis and emerge resilient on the other side.
Supporting People
Many people are experiencing sudden and significant financial hardship, and we’re committed to helping them. We have published a series of COVID-19 Support Centers on TransUnion.com websites around the world to offer educational resources to people worried about protecting their credit and working with lenders during this uncertain time. We also took action to guide lenders and data furnishers on how to support people affected.
Supporting Businesses
Information is powerful, and we’ve used our unique capabilities to provide insights to businesses about the effects of the outbreak, so that they could better serve their customers. We are conducting weekly global consumer financial hardship studies to better understand how consumers are being impacted financially by the outbreak.
TU conducted a series of studies around the globe to understand how the pandemic is impacting people’s concern over paying their bills and/or loans.
United States
At least 2/3 of consumers who were financially impacted by the COVID-19 pandemic across all regions of the U.S. are concerned with their ability to pay bills and loans, with consumers in the south the most concerned at 71%.
Online survey of 3,035 adults conducted April 7, 2020 by TransUnion in partnership with Qualtrics® Research-Services. Full report is available here.
South Africa
Consumers across all regions in South Africa who were financially impacted by the COVID-19 pandemic are very concerned with paying bills and loans, with the most concerned population in Mpumalanga (93%).
Online survey of 2,001 adults conducted April 7-9, 2020 by TransUnion in partnership with Qualtrics® Research-Services. Full report is available here.
UK
Approximately 2/3 of UK consumers who were financially impacted by the COVID-19 pandemic are concerned about their ability to pay their bills and loans.
Online survey of 1,057 adults conducted April 7, 2020 by TransUnion in partnership with Qualtrics® Research-Services. Full report is available here.
Hong Kong
Consumers who were financially impacted by the COVID-19 pandemic in Hong Kong are concerned with their ability to pay bills and loans, with the most concerned population (74%) in Hong Kong Island.
Online survey of 1,081 adults conducted March 31, 2020 - April 2, 2020 by TransUnion in partnership with Qualtrics® Research-Services. Full report is available here.
Canada
Consumers across Canada who were financially impacted by the COVID-19 pandemic are concerned with their ability to pay bills and loans, with consumers in the Western Region the most concerned at 70%.
Online survey of 1,036 adults conducted April 7, 2020 by TransUnion in partnership with Qualtrics® Research-Services. Full report is available here.
Expanding access to credit
The Philippines increased their credit bureau coverage by 500%, totaling 13.5% of the adult population.
In markets like the Philippines, opportunities to impact the lives of consumers abound. TU Philippines work in the country is helping to move the needle significantly, as recognized in the World Bank Doing Business 2020 report.
Combating synthetic fraud
A lender stopped approximately 50 loan applications tied to potential synthetic fraud with an average loan amount of $50,000 in the first six months of implementing our Synthetic Fraud Model. In total, the lender has prevented $2.5 million in loan applications tied to potential synthetic fraud.
Synthetic identity fraud is a growing threat where criminals combine real and fake identity information to secure credit. Our analysis indicates that $621.9 million in auto loans have a high likelihood of containing synthetic elements, comprising 61.6% of total outstanding loan balances suspected of synthetic fraud.
Helping improve personal credit health
More than 50,000 consumers sought individualized plans to reach credit score goals with CreditCompass®.
We launched CreditCompass®, powered by VantageScore® 3.0 credit score, to create a more personalized experience while helping consumers improve their financial standing. CreditCompass offers recommendations for score improvement derived from real behaviors, based on analysis of the actions of millions of consumers. The tool provides specific steps for people to take while improving overall credit health.
Increasing transparency in medical care out-of-pocket costs
Medical bills are the leading cause of bankruptcy in the United States. Only 51% of consumers said they fully understood their financial responsibility for medical care, according to a recent report. We enable healthcare providers to clarify the cost of treatment up-front. We provide visibility to patients’ insurance policies, entitlement programs and charity to which patients are eligible.
