CHESTER, Pa. (3/31/16)--TransUnion and Temenos have formed a partnership to provide financial institutions, including credit unions, with TransUnion’s CreditVision recovery model, a collection tool.
Temenos’ collection technology will integrate with TransUnion’s CreditVision to provide their mutual customers with access to a recovery model that could increase recovered dollars by up to 9% compared with the third-generation recovery model, the two companies said.
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 uses historical information on each TransUnion tradeline, including balance and payment history. Financial institutions can use the model and leverage a set of powerful algorithms to better identify collectible debt and increase their average recovery rate.
“The credit environment has changed and credit unions are looking for more insightful ways to work with their members,” said Aaron Smith, TransUnion vice president. “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.”