OppLoans Teams Up with Experian®, Steady, and BillShark Furthering its Commitment to Social …

Experian Boost™* is a free to use, first-of-its-kind product that allows customers to potentially improve their FICO® Score with alternative data.

CHICAGO, Oct. 21, 2020 /PRNewswire/ — OppLoans, a leading financial technology platform that powers banks to help middle-income, credit-challenged consumers gain access to credit, announced three new partnerships with Experian®, Steady, and BillShark. These mission-aligned organizations support OppLoans’ commitment to help customers build a better financial path through more financial resources, education and support.

Experian Boost™* is a free to use, first-of-its-kind product that allows customers to potentially improve their FICO® Score with alternative data. Customers can connect their telecom and utility accounts as well as some streaming services to instantly impact their credit scores through on-time payments.

Steady puts the power of worker-focused data and technology tools into the hands of its members to help solve their increasing income challenges. Steady makes it easier for workers to fill their income gaps, gain insights into their income, and improve their overall financial well-being. To date, over 2.1 million workers have registered with Steady.

BillShark is the leader in the bill reduction marketplace, saving customers hundreds annually by negotiating lower rates on internet, mobile, pay tv, alarm, and other similar service bills and canceling unwanted subscriptions. No savings, no fees.

“OppLoans prides itself in delivering an exceptional customer experience and it is important that we help support customers who may be experiencing additional financial difficulties beyond credit access. By expanding the tools and education we provide through partnerships with Experian Boost™, Steady, and BillShark, we can deliver these valuable financial resources to customers easily and effectively through our platform,” said Natasha Anand, vice president of social impact, OppLoans.

As part of the company’s newly created social impact strategy, OppLoans focuses its efforts on mission-aligned partnerships that can directly help consumers mitigate additional financial difficulties and provide financial wellness education. OppLoans also partners with SpringFour, a fintech that connects customers to trusted financial resources to build financial wellness.

“All of our partners support our company mission to build financial inclusion and credit access and to help customers graduate to a better financial path,” adds Anand.

Founded in 2012, OppLoans, in partnerships with banks and its mobile-first platform, facilitates the issuance of small dollar loans to credit-challenged, middle income consumers who are turned away by traditional financial providers. Through its mission, OppLoans seeks to provide financial inclusion and credit access through the best available products and an unwavering service commitment to customers.

About OppLoans

OppLoans is a leading financial technology platform that powers banks to offer accessible products and a top-rated experience to middle income, credit-challenged consumers. Through our unwavering commitment to customer service, we help consumers who are turned away by traditional providers build a better financial path. The company has facilitated the issuance of more than 1 million loans and has served more than 550,000 customers. OppLoans has been ranked as an Inc. 5000 company for five straight years and named the eighth fastest-growing Chicagoland company by Crain’s Chicago Business. The company maintains an A+ rating from the BBB and maintains a 4.9/5 star rating with more than 12,000 online customer reviews, making it one of the top customer-rated financial platforms online. For more information, please visit www.OppLoans.com.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

Media Contact: Wendy Serafin, vice president of communications – [email protected]

SOURCE OppLoans

Related Links

www.opploans.com

Trended Credit and Alternative Data Attributes Improve Dealer and Consumer Experience in Auto …

The roll-out of the first generation risk and pricing models used an industry-leading combination of TransUnion’s alternative, short-term lending and …

CHICAGO, Oct. 21, 2020 (GLOBE NEWSWIRE) — In times of economic uncertainty, financial institutions are looking for new and innovative ways to approve qualified customers. Auto finance lender Arivo Acceptance has leveraged TransUnion’s (NYSE: TRU) CreditVision solution suite to accomplish this feat and generate a significant uplift in both application volumes and capture rates for the subprime market – while also turning in some of the lowest loan losses in their industry.

In collaboration with TransUnion, Arivo has brought a fresh perspective to the subprime lending industry through two generations of machine learning platform models. The roll-out of the first generation risk and pricing models used an industry-leading combination of TransUnion’s alternative, short-term lending and trended credit data and resulted in a 40% increase in same-dealership volume, expanding Arivo’s already strong footprint in the subprime lending industry.

Arivo successfully deployed its second-generation machine learning risk and pricing framework with a broad set of TransUnion data in early 2020 – citing another 20% incremental increase in same-dealership application volume.

“There are many complexities to address in the subprime auto lending market including dealership stipulations, pricing and deal parameters to name a few. This analytics exercise yielded powerful results and underscored the success of models built by Arivo as well as the value of TransUnion’s trended and alternative data,” said Satyan Merchant, senior vice president and automotive business leader at TransUnion. “When a customer like Arivo is able to build models and leverage our data to address these factors, while also highlighting a proven track record and generating momentum in the subprime auto market, it is an exciting proposition for the industry as a whole.”

This approach is shaping the lending market and providing consumers with new economic opportunities. Consumers that have traditionally been regarded as higher-risk can benefit from the use of this data-fusion methodology and secure greater access to credit – often at lower interest rates. A deeper understanding of a consumer’s risk trajectory allows lenders to enhance pricing and risk decisions while increasing approval rates.

“The key to finding success with AI and machine learning methods in the credit risk space comes down to strong feature engineering, and the data you use,” said Robert Avery, CEO at Arivo. “By partnering with TransUnion, we have more tools at our disposal to help dealers provide better pricing, fewer stipulations and bring a more seamless lending experience to the subprime segment. As a result, we’re expanding our partnerships with our dealerships, while facilitating more same-day funded loans every day with fewer headaches for both dealerships and customers alike.”

For more information on improving risk decisions and alternative and trended credit data, please visit https://www.transunion.com/product/creditvision. The results from the case study with Arivo Acceptance can be found here.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in n safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

About Arivo Acceptance

Arivo is a subprime indirect auto lender, striving to deliver on their brand promise of Subprime Simplified™. With operations in 12 states and counting, Arivo continues to expand its operations by simplifying the subprime lending process through innovative technology, automation, and data-driven intelligence.

www.Arivo.com

ContactDave Blumberg

TransUnion
E-maildblumberg@transunion.com
Telephone312-972-6646

Omnichannel Media Underpins Identity-Driven Future: TransUnion’s Matt Spiegel

Consumers have more ways to consume media than ever before, challenging advertisers to track the effectiveness of their marketing efforts.

CHICAGO – Consumers have more ways to consume media than ever before, challenging advertisers to track the effectiveness of their marketing efforts. The growth of the omnichannel universe is driving a shift toward audience-based measurement, and TransUnion is working to be at the forefront of that development.

The company, which is best known as a provider of consumer credit reporting, has made a significant push into advertising technology with several acquisitions including this month’s deal to buy Tru Optik. The company’s patented identity graph, Tru Optik Household Graph, has information on more than 80 million U.S. households, covering more than 90% of how people consumer content on internet-connected devices including smart TVs, gaming consoles and smart speakers.

TransUnion 18 months ago participated in a funding round of Tru Optik, and this year’s sudden jump in streaming media usage among homebound consumers during the pandemic demonstrated the need for audience-driven measurement.

“We recognized 18 months ago when we made the investment in Tru Optik that they were doing some amazing innovation in a part of the world that was clearly going to become bigger,” Matt Spiegel, executive vice president of marketing solutions and head of media vertical at TransUnion, said in this interview with Beet.TV. “We were sitting on a really amazing set of a data assets that I expected to become more important as the modern marketing world is becoming more people-based and more driven by identity.”

Cookie-Less Future

TransUnion plans to integrate Tru Optik’s platform into its suite of marketing solutions, making its service more nimble.

“We’ve been working over the last 18 months to connect our various views of identity, and the tools and products on top of that we think the market needs,” Spiegel said. “We had to do it as a single entity, we need to be able to move faster, get more integrated, provide the level of innovation that can only be done when you are truly one company.”

The buyout of the remaining interest in Tru Optik follows TransUnion’s acquisition in August of Signal, a technology company focused on real-time data consumer collection, and last year’s purchase of TruSignal, a provider of people-based marketing solutions.

The acquisitions come as growing demands for consumer privacy and stricter regulations on data sharing force the media and marketing industries to develop new methods of tracking audiences. Tech giants like Google and Apple are taking steps to improve privacy measures. Google has indicated it will stop supporting third-party cookies in its popular Chrome browser starting in early 2022, while Apple plans to make app developers obtain consumer consent to opt in to being tracked with its Identifier for Advertisers (IDFA), among other measures.

“It’s important that the market recognizes we’re going to have one big TransUnion market set,” Spiegel said. “The future of the media and marketing world is driven by identity- and people-based marketing, and that is done at the individual level, but also the household level.”

Personal-finance firm Credit Karma to launch checking account in US

(Reuters) – Personal-finance company Credit Karma said on Tuesday it would launch a checking account to U.S. members this year, making it the …

By Anna Irrera

2 Min Read

(Reuters) – Personal-finance company Credit Karma said on Tuesday it would launch a checking account to U.S. members this year, making it the latest fintech to join the crowded digital banking market.

Credit Karma Money Checking will initially be available only to those members who hold a savings account with Credit Karma, the San Francisco-based company said.

Opening a checking account will require no minimum balance or deposit requirements, it added.

The service will be available more widely in early 2021 with offerings being added throughout the year.

Credit Karma, which has 100 million members in the United States, Canada and the UK, is best known for letting customers access their credit scores and some other personal finance tools for free. It also offers third-party credit cards and loans to customers, tailored to their credit history.

Several fintechs have been expanding the types of financial services they offer and moving beyond their initial area of focus. Many are now seeking to attract deposits, often through enticing rates or low fees.

Credit Karma hopes its product will stand out among competitors because of how it connects to the company’s other offerings, Kenneth Lin, Credit Karma chief executive officer and founder, said in an interview.

“The differentiation is going to be the connection to the credit and a holistic view of your financial life,” Lin said. “It helps consumers build credit and pay off the debt and save for their future.”

Credit Karma will be offering its checking account through MVB Bank Inc, a member of Federal Deposit Insurance Corp, a U.S. bank regulator. Lin said the company does not have plans to apply for a banking charter.

“We are not looking to be a bank,” Lin said.

Reporting by Anna Irrera in London and C Nivedita in Bengaluru; Editing by Maju Samuel