TransUnion UK makes executive appointments

This leadership shuffle at TransUnion UK signals a major push for new data products that could change how you approve customers. TransUnion is one of the big three credit bureaus. When they hire new executives for 'product' and 'strategy,' it usually means new types of credit scoring models are coming to market. For retailers, this matters because it impacts the speed and accuracy of customer financing approvals at the point of sale. The new team is focused on expanding TransUnion’s reach across Europe and the UK. They are prioritizing 'innovation,' which in the credit world often refers to alternative data. This includes using things like open banking or rent payment history to score people who might have thin credit files. If you offer financing, these changes could eventually lead to higher approval rates for your customers who were previously declined by traditional banks. Keep an eye on new credit tools hitting the market in the coming months as this team settles in. Better data for the lenders you work with usually means more sales for your showroom floor or online store.

Source: Finextra — Lending

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