How to use TransUnion with Lendsqr for credit scoring

TransUnion is one of the largest credit reporting agencies in the world, alongside Experian and Equifax.

With global offices spanning Africa, Asia Pacific, Europe, Latin America, the United States, and Canada, TransUnion collects and aggregates information on over one billion consumers across more than 30 countries. This massive reach, profiling nearly 200 million files, positions TransUnion as a leader in consumer data collection and credit reporting.

Lendsqr has integrated with TransUnion in a way that empowers lenders in countries like Rwanda, Ghana, Kenya, and the United Kingdom, to tap into this vast data source and make informed lending decisions.

TransUnion is available in the following countries:

Africa: South Africa, Kenya, Rwanda, Zambia, Namibia, Botswana, Eswatini, Malawi

Asia: India, Hong Kong, China, Australia, Philippines

Europe: United Kingdom, TransUnion Baltics, TransUnion Germany, TransUnion Netherlands, TransUnion Ireland, TransUnion Spain, TransUnion Lithuania

Latin America: Brazil, Dominican Republic, Chile, Puerto Rico, Costa Rica, Nicaragua, El Salvador, Guatemala, Honduras, Colombia, Mexico, Trinidad and Tobago

United States and Canada: Canada, United States – Corporate Headquarters, United States – Reston, VA, United States – Alpharetta, GA, United States – Boca Raton, FL, United States – Crum Lynne, PA, United States – Denver, CO, United States – New York, NY, United States – White Plains, NY

So if you are a lender from there, using them for credit reporting is a must do.

Here’s how to register with TransUnion:

1. Set up your account with TransUnion

To integrate TransUnion with your Lendsqr loan management software is a walk in the park because Lendsqr has gone ahead to do the heavy lifting.

But first and foremost, as a lender, you must be registered with TransUnion. To register, reach out to their sales team via the contact form on their website to find out more about how TransUnion products and services can help meet your business needs, and get started.

Note: You may need to use a Virtual Private Network (VPN) service to access their website.

Obtain your API keys from TransUnion after signing your contract with them and setting up on their platform.

2. Sign up on Lendsqr or log in

• Bring your TransUnion API keys to Lendsqr for integration
• Create an account with Lendsqr if you haven’t already, or log in to your Lendsqr Admin console

3. Configure your decision models

• Navigate to the “Product Management” tab on your Lendsqr Admin console.

• Navigate to the “Decision Models” tab under the “Product Management” tab.

• Configure TransUnion as your credit decision module on your decision model or edit the default Lendsqr decision model

How TransUnion empowers your loan business

See if a borrower is a good credit risk

Lenders can check credit reports on potential customers or suppliers to see how likely they are to pay their bills on time. This helps you decide things like whether to offer credit, set good loan terms, or partner with a particular company.

Protect your loan business from frauds

TransUnion’s data can help lenders spot red flags that might indicate fraud. Credit histories can help you identify potentially risky new customers or transactions.

Make better decisions

With a clearer picture of a customer’s financial health, companies can make better choices. This can involve setting credit limits, determining pricing strategies, or streamlining the approval process for new accounts.

Verify the legitimacy of a business

TransUnion can confirm if a borrower is real and reputable. This is especially helpful when considering new partners, suppliers, or tenants.

Be more efficient

With a quick credit check, lenders can save time and effort with approving or denying applications faster with the vast data source at your disposal.

The power of global credit data is at your fingertips

With TransUnion’s global insights into credit scoring and Lendsqr’s powerful loan management software, you can have a significant edge over your competitors and protect your loan business more effectively.

As long as you’re a lender operating in any of the 42 countries TransUnion operates in, you can tap into a great wealth of credit information and gain an amazing level of insight into borrower behavior.

If you need help integrating your TransUnion account with your Lendsqr loan management software, simply reach out to [email protected] for a quick response.