TransUnion and Fincheck streamline credit applications

The South African branch of TransUnion has partnered with the country’s largest financial marketplace, Fincheck.

The joint endeavour is designed to make credit application processes “easier and less frustrating” for customers than their current incarnation. 

Combining Fincheck’s comprehensive understanding of domestic financial institutions and TransUnion’s market-leading credit information, the two hope to marry the right individual to the right bank, insurer or lender at an expedited pace. 

Furthermore, TransUnion has made a free credit report available via Fincheck so that customers can understand their situation, plan and take action in a more informed manner.

Increasing access to credit

“The TransUnion/Fincheck partnership will assist consumers in managing their finances, especially during these challenging times,” said Hans Zachar, Director of Emerging Markets at TransUnion Africa. “By working with Fincheck we’re helping to increase financial awareness and access to credit.”

Fincheck reports that a rise in consumer interest regarding credit checks occurred simultaneously with the worsening of the COVID-19 pandemic. It became obvious that consumers were concerned about unexpected expenditures and how they would pay for them. 

Michael Bowren, CEO of Fincheck, stated that the collaboration would help address these concerns:

“Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times. Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly. 

“Ultimately, we aim to assist the user with their financial choices and move them toward financial freedom.”

Credit: A changing industry

The credit industry is changing; as new technologies, ecosystems and partnerships combine to make lending easier and more accessible to the general population, a great ‘levelling’ of financial access is taking place.

“Improving financial access for thin-file and credit invisible consumers will play an integral role in our road to economic recovery,” said Alpa Lally, Vice President, Data Business, Consumer Information Services at Experian North America.

“While it is difficult to predict when the economy will return to pre-COVID-19 levels, it has never been more important to protect consumers’ financial health and maintain the integrity and accessibility of the credit economy. 

“Combining traditional credit data with alternative data to access consumer creditworthiness plays a critical role in achieving this. Doing so will help determine a consumer’s stability, ability and willingness to repay during the current financial landscape and beyond.”