TransUnion Debuts New Scoring Capability to Combat Fraud
By PYMNTS
AI summary of the source article
TransUnion has introduced Credit Washing and Synthetic Fraud Scores to help organizations combat fraud. The solutions are described as the first-ever adverse-actionable tools of their kind, enabling lenders to make credit decisions and provide consumers with adverse-action reason codes.
Why it matters
They are the first-ever "adverse-actionable" solutions of their kind in the market, "meaning lenders can make credit decisions and give consumers 'applicable adverse-action reason codes'".
Key facts
- TransUnion announced its Credit Washing and Synthetic Fraud Scores on Tuesday, Oct. 20.
- The solutions are designed to combat synthetic identity fraud and credit washing.
- They are the first-ever adverse-actionable solutions in the market, allowing lenders to provide applicable adverse-action reason codes to consumers.
Source excerpt · PYMNTS
TransUnion has introduced new solutions designed to help organizations combat synthetic identity fraud and credit washing. The company says its Credit Washing and Synthetic Fraud Scores, announced Tuesday (Oct. 20), are the first-ever “adverse-actionable” solutions of their kind in the market, meaning lenders can make credit decisions and give consumers “applicable adverse-action reason codes expl…