The role of a credit reference partner is to help a finance lender to ensure that the end customer, be they a business or an individual, are credit worthy and able to pay back a loan that they have applied for with a lender.
The credit reference partner will typically run a range of checks on an applicant to ascertain their credit worthiness, feeding back this information to a lender, who may take this and other information into account when carrying out their lending assessment, so a decision can be made on whether to proceed with the loan process.
Who are TransUnion and what do they do?
TransUnion are a well-established global information and insights agency. Back in 2018, they acquired a company named Callcredit who were one of the UK’s largest credit referencing agencies.
This acquisition helped TransUnion in offering a full credit referencing service and with their knowledge of the latest technology, they were able to create a customer credit app which let customers control their payment plans and credit scores at the touch of a button.
Working in popular marketplaces such as banking, utilities, retail and gaming, TransUnion provide an end-to-end credit checking service to help customers understand their financial identity and better manage their finances in general.
Why did we choose them as our credit reference partner?
At Buyline, we needed a credit reference partner that could fulfil our needs and who specialised in a number of target sectors and groups that Buyline operated in.
We also required a partner with the ability to supply highly accurate and comprehensive credit information and data insights on our Business Partners and customers alike so that Buyline can build a full financial picture to enable us to manage our credit and affordability risks.
Buyline required these checks to be both quick and accurate and which didn’t inconvenience our customers so they would see a quick turnaround from their side. This also helped us get our customers onboard quicker and in a more streamlined fashion.
We found that TransUnion offered us the above benefits.
Heading into the future
With technology constantly evolving in the world of finance, we are happy to have TransUnion as our credit reference partner; their horizons constantly expanding with customer service at the forefront of their operations.
They have recently implemented facial recognition as a way to verify their customers identities and offer an easy-to-use app that allows customers to view their payment plans on the move with customer support only a click away.
Feel free to contact us to find out more about our payment solutions and how we could help you or your business.