Trended Data from TransUnion CreditVision® to Power FICO® Auto Score 9 XT
TransUnion and FICO announced today the availability of FICO® Auto Score 9 XT based on TransUnion CreditVision® trended data. The new score is specifically catered to the auto finance marketplace and includes several new features, including trended data from TransUnion’s CreditVision.
Whereas a traditional credit report offers a glimpse of a consumer at a snapshot in time, trended data assets leverage an expanded view of credit data with up to 30 months of historical information. This includes available information on each loan account, including payment history, such as dollars paid, amount paid vs. minimum due and the total amount borrowed over time.
“The use of trended data from CreditVision in FICO® Auto Score 9 XT gives our auto finance customers an in-depth view of borrowers that they previously could not access. We are excited to collaborate with FICO to make their score available through CreditVision for the auto finance community. Now, lenders and dealers will have a familiar FICO score through which to communicate the predictive power of TransUnion CreditVision. The score will help lenders fund more auto loan transactions at competitive rates, benefitting consumers, dealers and lenders.”
In addition to the use of trended data, the new FICO® Auto Score 9 XT ignores collection agency accounts that have been paid off. And like other scores in the FICO® Score 9 family, it differentiates unpaid medical accounts that have gone into collections from unpaid non-medical accounts that have gone into collections.
"FICO Auto Score 9 XT is the latest innovation from FICO designed to address the interests of both lenders and consumers," said Jim Wehmann, executive vice president, Scores, at FICO. “We’ve worked with TransUnion on a score that examines the way a consumer’s behavior is evolving. This helps creditworthy consumers qualify for the best credit terms available to them, and helps auto lenders expand their portfolios safely by making more precise decisions about loan terms.”
The expanded view of data from TransUnion CreditVision can reveal trends and behaviors, such as consumers making on-time payments, paying more than the minimum amount due, reducing total amounts borrowed or decreasing utilization over time. “The inclusion of CreditVision in FICO® Auto Score 9 XT enables dealers and lenders to take these behaviors into account. This is especially important because a traditional credit report may tell you a consumer has $7,000 in credit card debt, but one using trended data will show you whether they have built up or paid down that balance over time,” added Chaouki.
FICO® Auto Score 9 XT based on TransUnion CreditVision trended data will also be made available by national credit reseller ProMax Unlimited.
“CreditVision and FICO® Auto Score 9 XT are evolutionary leaps forward and will allow lenders to make better decisions and give dealers tools and information to close more auto loan transactions at competitive terms,” said John Palmer, President and CEO of ProMax Unlimited and ProCredit Express. “TransUnion CreditVision is already available now to any dealer through ProCredit Express, and we will make FICO® Auto Score 9 XT available in 2016.”
About TransUnion (NYSE: TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
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