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TransUnion, a Chicago-based credit bureau, announced it will offer the collections, credit and identity risk solutions of ID Analytics Inc., a San Diego-based risk-assessment company.
ID Analytics' scores provide TransUnion customers with real-time insight into consumers' fraud risk and creditworthiness across the entire credit lifecycle, including origination, portfolio management and collections, according to the companies. TransUnion and ID Analytics jointly are delivering a suite of solutions designed to reduce credit losses, improve collection efforts and reduce costs associated with fraudulent transactions.
"Using ID Analytics' solutions, TransUnion customers have access to alternative sources of data that offer a unique perspective of consumer behavior and risk assessment," said Steve Sassaman, executive vice president of TransUnion's financial services group. "When used in conjunction with TransUnion scores, these solutions can help reduce companies' risk exposure by providing additional insight into consumers' stability – a measurement of the use of their credit and identity information."
ID Analytics' scores leverage the ID Network, a real-time, cross-industry compilation of identity information. The ID Network includes data from over one billion consumer transactions and more than two million confirmed identity frauds, according to the company.
"Through our relationship with TransUnion, ID Analytics is now able to offer customers direct access to our solutions through a seamless integration with the TransUnion platform," said Bruce Hansen, ID Analytics' CEO. "A broader range of organizations can leverage the information within the ID Network with very little investment in integration."
By leveraging ID Analytics, TransUnion will broaden its product portfolio in key areas of collections, credit and identity risk, the companies stated.
With the addition of ID Analytics' collections scores, TransUnion offers a complete range of services that address the entire collections lifecycle. The early stage ID Analytics Collections Optics score enables credit grantors to identify self-curing and never-curing accounts, allowing them to focus their collections resources on applying appropriate treatments to the balance of accounts. The late-stage score focuses collectors' efforts on accounts that likely will repay a higher percentage of the outstanding account balance.
TransUnion customers can augment their credit reports and credit qualification processes with ID Analytics' supplemental credit score: ID Analytics Credit Optics. The supplemental credit score helps lenders build effective swap-in/swap-out strategies using an alternative view of consumer behavior. In addition, ID Analytics Credit Optics is able to score 100% of applicants – including thin-files, no hits and the under-banked. This enables TransUnion customers to accurately uncover consumers who are creditworthy, but lack a credit history, according to the companies.
ID Analytics' market leading identity score, ID Score, identifies potentially fraudulent transactions. ID Score answers two basic questions: Are you who you say you are? And, what is the risk of doing business with you?
The solutions are currently offered in one of four ways – as an add-on to a TransUnion credit report, an add-on to Collection Prioritization Engine, as a stand-alone report from TransUnion or through prescreen and portfolio review reports sent directly from ID Analytics. ID Analytics' solutions also are available to TransUnion Direct self-service customers.
