Finance & Economics

Union Credit and TransUnion Team to Help Credit Unions Find Borrowers

Union Credit and TransUnion have established a partnership to improve the customer service process.

Union Credit and TransUnion Team to Help Credit Unions Find Borrowers

Source: motionarray.com

Union Credit helps credit unions find new and creditworthy members outside of their customer base. This is stated in a press release that was published last Thursday, April 6, on the occasion of the start of cooperation.

Interaction with TransUnion will allow lenders in the Union Credit marketplace to provide consumers with convenient and transparent financing in their daily retail and financial transactions.

Union Credit says that large amounts of data and automation will be vital for the lending and digital interaction industry in the future. Credit unions are aware of the specifics of the industry, which will exist in the foreseeable future, and in this regard, they seek to use the Union Credit market.

Dave Burger, CEO of Union Credit, stated that the partnership with TransUnion will offer consumers quick and easy access to data. He says that innovative credit characteristics, algorithms, and anti-fraud tools developed by TransUnion allow for a more thorough assessment of the borrower’s creditworthiness and help lenders determine the preferred amounts, interest rates, and repayment terms. Also, these solutions help consumers to make relevant offers regarding lending.

Currently, many credit unions are reducing the intensity of innovative product development activities. It is noteworthy that such decisions are made and implemented against the background of a high level of demand for innovation from consumers. Credit unions are forced to show restrained activity in the development of advanced products due to budget constraints. They take these steps, realizing that consumers are ready to transfer accounts to other financial institutions for the sake of innovation.

Ordinary customers and businesses demonstrate a high level of interest in loans. In the USA, according to the results of a special study, it became known that 71% of credit unions in 2022 recorded an increase in the number of loan applications. About the same number of organizations reported an increase in the number of applications for credit cards last year.

Credit unions, observing the interest on the part of customers, take measures to speed up the process of approving the loan. In the United States, in a special survey, 53% of credit institution managers said they were taking significant steps to reduce loan approval time. The rest of the survey participants reported that they are taking similar measures, but they cannot call them significant.

As we have reported earlier, Mantl Signs Financial Plus Credit Union.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.