TransUnion (NYSE:TRU) and Temenos announced today a new strategic partnership to provide financial institutions with TransUnion’s new CreditVision® recovery model. Temenos’ collection technology will integrate with Transunion’s CreditVision solution to provide their mutual customers, including credit unions and financial institutions, with access to a model that could increase recovered dollars by up to 9% compared to the third generation recovery model.
Previously, Temenos and TransUnion customers used traditional recovery scores and credit reports to prioritize collections amounts. Now, Temenos’ customers can access the CreditVision recovery model, which utilizes historical information on each TransUnion tradeline, including balance and payment history. Financial institutions can use the model and leverage set of powerful algorithms to better identify collectible debt and increase their average recovery rate.
Aaron Smith, vice president at Transunion said:
“The credit environment has changed and credit unions are looking for more insightful ways to work with their members. The new CreditVision recovery model is built on newer, trended data elements on consumer behavior and will help Temenos’ customers recover more dollars than traditional recovery models.”
The initiative is part of a recent platform relationship between TransUnion and Temenos.
Larry Edgar-Smith, senior vice president of product evangelism at Temenos:
“We’re pleased to work with TransUnion to integrate its innovative solutions, and we’re excited to see the improved collections effectiveness it will offer. With the new recovery model, our customers will have access to more data and better insights.”