TransUnion CEO Chris Cartwright recently traveled to Washington, D.C. to meet with lawmakers and spread the word about TU’s work to improve the consumer experience.
Chris used the opportunity to talk about the importance of trended and alternative data in the push for financial inclusion. TransUnion has long been a proponent of including items like rental payments, utility bills, and telecom payments on consumer credit reports.
These are commonplace items that millions of consumers pay already. Putting the pieces in place to make that data available at scale to score consumers could benefit millions of “thin file” or “credit invisible” consumers with a range of needs, from buying a home to purchasing their next car.
In addition, with data privacy conversations heating up on Capitol Hill, Chris raised the company’s support for a federal data privacy standard. If done right, this effort could help address the confusing patchwork of laws that consumers and businesses navigate today, while enshrining the important role consumer data plays in the fraud prevention products that protect consumers in the marketplace.
Among the meetings, Chris met with Senator Tim Scott, lead sponsor of The Credit Access and Inclusion Act, as well as Mike Quigley, a Member of the Illinois delegation. Chris also had a good discussion with Rep. Suzan DelBene, a leader on data privacy, and Rep. French Hill, a key Member of the House Financial Services Committee.
These were meaningful discussions on issues of importance to TransUnion, and we look forward to continuing the conversation throughout the rest of the 117th Congress.