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CHICAGO, July 18, 2019 (GLOBE NEWSWIRE) -- More than 50,000 consumers are in the process of improving their credit health using TransUnion’s (NYSE: TRU) CreditCompass™, a groundbreaking credit product launched just three months ago.
CreditCompass is based on the real credit experiences of millions of consumers and provides specific steps for improving individual credit health.
An analysis of current CreditCompass™ users found the average user has a credit score of 663, with a goal to improve it by 100 points within two years. More than eight out of 10 consumers who are actively trying to achieve their credit score goal state that they will use CreditCompass again, and nearly three out of four say it has been helpful for them to better understand the next steps they need to take.
"We are very excited to see so many consumers chart their credit path forward using personalized recommendations CreditCompass™ offers. It helps consumers feel empowered to earn the credit score they want," said Amy Thomann, head of consumer credit education at TransUnion.
Informed by feedback from CreditCompass™ users, TransUnion is planning future enhancements to shorten results timeframes, showing the most achievable plan within as little as six months. Another key development will allow consumers to learn more about a collections item on their credit report. “Approximately 89 million Americans have a collection on their credit report, so we are excited about the potential for this enhancement to be yet another educational tool for consumers,” added Thomann.
How does CreditCompass™ work?
CreditCompass™ provides personalized steps by assessing a consumer's personal credit data, as well as data from millions of real credit experiences of Americans who successfully improved their credit health in similar situations. Recommendations are provided for the following categories:
“Every person has a unique situation, and it is clear that consumers who are motivated to take control of their financial future have seen value in the personalized recommendations offered by CreditCompassTM,” concluded Thomann.
Learn more about CreditCompass™ here.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Europe, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for Good.®