Product
Affordability Report
Provides a clearer, more detailed picture of a customer’s income and affordability to help prevent unaffordable lending.
Support responsible lending through smarter decision making
As a pioneer in affordability solutions and a track record of industry firsts, TransUnion continues to innovate new bureau-based and analytical affordability tools that enable robust credit risk analysis that can help ensure both responsible customer outcomes and a friction-right customer journey.
The driving force for Affordability Report is to help lenders build a more detailed, clearer picture of a customer’s income and affordability and help prevent unaffordable consumer lending. Affordability Report can help businesses manage portfolio risk and optimise performance and budgets through automation and quicker, more informed decisions to support new lending. This approach can work towards strengthening brand, trust and existing and new customer relationships.
With increased regulatory attention, indebtedness levels remaining high and consumers suffering an unprecedented squeeze on disposable income, a robust affordability assessment is a crucial aspect of credit risk management and helps to spot consumers who are susceptible to future financial vulnerability.
*Bud is the trading name of Bud Financial Limited who is authorised and regulated by the Financial Conduct Authority under registration number 793327 as a regulated Payment Services and Open Banking provider.
Enhancing Affordability Report to improve customer insights
Trended Affordability is the latest product advancement in the trended data space and is a UK market first. The big data solution enables a new approach to assessing the creditworthiness and affordability of existing and potential customers.
We now include an option for clients to integrate Buy Now Pay Later (BNPL) data into affordability assessments (via an API), helping you enhance transparency and make more informed affordability decisions based on real understandings — ensuring consumer fairness each step of the way.
TransUnion and Bud team up to deliver next-gen Open Banking solutions
Open Banking increasingly plays a key role in helping lenders obtain accurate information on the financial situation of existing and potential consumers, providing insights into their transactions, financial resilience, creditworthiness and ability to afford repayments.
Learn how TransUnion is partnering with FinTech Bud Financial to deliver affordability assesments that support faster, more accurate affordability decisions.
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