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Trans-Union acquires Callcredit for $1.4 billion - FinTech Future
The credit agency and financial services firm Trans-Union has declared its willingness to take over Callcredit, the UK's second biggest credit institution for consumers, says Julie Muhn at Finovate. With this acquisition, Trans-Union intends to strengthen its global footprint. This US firm already operates in 33 different markets and sells in India, Hong Kong, South Africa and Canada.
Trans-Union also sells regionally focused commodities and a range of globally available solution offerings, including: CreditVision, which uses credit service trending, behavior and analysis to help banking institutions better understand customers and make more educated credit choices; IDVision, a solution suite that provides a more complete view of customer identity to reduce and mange risks during the customer's identification and authentification processes; DecisionEdge, a set of decision making software that helps companies transform information into real izable choices; Prama, a set of analysis software that helps creditors capture information in the marketplace and based on insight; and CreditVision, a set of analysis software that helps creditors to make better business choices based on insight.
TransUnion Chairman and Chief Executive Officer Jim Peck said the two organizations have "strong synergies" in their businesses and find that they "share a common responsibility to use information for the good of the consumer and the economy". Commenting on the company's strategic direction, David Neenan, TransUnion's Chairman of the Board of TransUnion's Operations Division, underscored Callcredit's position as a key actor in the world's second biggest credit group.
In December last year, Fiserv used TransUnion's CreditVision to develop better credit model risks for its Automotive Loan Origination System.