TransUnion is a consumer credit reporting agency. They provide financial information, collected from a variety of sources, to potential creditors like banks, car dealers, credit card companies and other lending and financial institutions. The data compiled by TransUnion is used to help lenders and can affect interest rates and other terms of a loan. Creditors determine credit worthiness using information provided by TransUnion.
TransUnion was founded 1968 by Union Tank Car Company. It is the third largest credit agency in the world, behind Equifax and Experian. TransUnion, a privately owned company, is headquartered in Chicago, Illinois. TransUnion provides credit information on over 500 million consumers to over 50,000 businesses in 25 countries all over the world.
TransUnion, and their credit histories on almost every person in America, is The source of information for many lending institutions, when determining the terms of a loan, especially a student loan. But at People Capital, we provide an alternative method, The Human Capital Score. Using the Human Capital Score, individual lenders have a new weapon in considering the terms and rates of a loan. Because it uses data like GPA, standardized test scores, major and university, the Human Capital Score will generate insight into a potential borrower’s credit worthiness.
TransUnion works well for many segments of the population but, for students, check out the Human Capital Score
and People Capital’s Peer-to-Peer Lending Platform at www.People2Capital.com.