TransUnion develops risk management solutions in Hong Kong
Johannesburg, South Africa - TransUnion's Analytic and Decision Services in South Africa extended its global reach with the successful implementation of two risk management solutions for the Hong Kong consumer credit market. The first-in-class solutions are a Personal Loan Risk model for unsecured loans, and a Generic Payment Behaviour model for credit cards. The uniqueness of the solutions lies in the use of a set of sophisticated payment behaviour variables. Launched in June, several banks have already started the validation process to utilise the scores within their operations.
The Personal Loan Risk model assists companies in calculating the credit risk associated with individuals applying for personal loans. Companies' risk exposure is mitigated by the model's ability to predict the likelihood of a 60-plus day delinquency on a newly-opened unsecured loan.
The Generic Payment Behaviour model predicts credit card payment behaviour allowing creditors to identify over-committed consumers.
"We are confident that the Personal Loan Risk model for unsecured loans and the Generic Payment Behaviour model for credit cards will streamline our customers' decision-making process," said Lawrence Tsong, MD of TransUnion Hong Kong.
"As with any successful deployment, a truly integrated and collaborative approach was used to develop these optimal risk management solutions. The Personal Loan Risk model and Generic Payment Behaviour model will assist companies to more effectively manage their risk," said Thamir Hassan, CEO of TransUnion Analytic and Decision Services, South Africa.
As a global leader in credit and information management, TransUnion creates advantages for millions of people and businesses around the world by gathering, analysing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Based in Johannesburg and Pretoria, with global headquarters located in Chicago in the US, TransUnion is Africa's oldest and leading provider of data-based business intelligence solutions. Visit http://www.transunion.co.za orhttp://www.mycredit.co.za for more information.