Credit reporting agency TransUnion has announced the launch of a new innovation lab with increase support for client data modeling through broader access to proprietary data and analytics experts; the innovation lab will allow clients to test new models and solve business problems with real time data empowering credit data platforms and solutions across the industry; many companies have already reported success in building new models, analyzing new markets and expanding into new products; the innovation lab is also uniquely positioned to integrate with TransUnion's startup lender development program providing support for new market launches. Source
TransUnion has introduced a fraud solution for businesses; the firm will market IDVision, a comprehensive solution that uses advanced analytics technology to interpret and analyze transactions for fraud detection; the solution can identify and alert businesses of fraud at the time of transaction and also monitor portfolios for fraudulent activity. Source
The Consumer Financial Protection Bureau (CFPB) has fined TransUnion and Equifax over $23.2 million for deceptively advertising services; the agencies reportedly advertised credit services costing customers over $200 as free and misled customers about the use of credit reports they obtained; according to the CFPB, TransUnion will pay $13.93 million to consumers and a $3 million fine while Equifax will pay $3.8 million to consumers and a $2.5 million fine. Source
The fraud landscape is constantly changing and evolving with things like synthetic fraud increasing the costs consumers, businesses and governments are paying; synthetic identities are identities which are not tied to a real person; according to Pat Phelan from TransUnion, fraudulent transactions are currently costing the US $50 billion per year; Phelan talks with PYMNTS.com about some of the factors companies should consider when managing fraud and how businesses are managing fraud prevention programs overall. Source
Recent news on consumer lending players IEG Holdings Corporation, OneMain Holdings, Lending Club, Ally Financial and TransUnion is outlined in a press release; of interest is IEG's announcement and offer to purchase all outstanding shares of OneMain and Ally's recent agreement to support contracts from Carvana, an online auto retailer that also operates vehicle vending machines; according to the press release, "Ally will make up to $600 million available to Carvana over the next 12 months through financing and bulk purchases of contracts." Source
Today, PeerIQ announced a partnership with information solutions provider TransUnion. PeerIQ is known for its data and analytics capabilities in...
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