Teletrack Advances Its Specialty Credit Platform Through Integration with Transunion
February 16, 2010, NORCROSS, Ga.
Teletrack, Inc., an industry-leading provider of credit and fraud risk solutions for non-traditional lenders, has added TransUnion credit information and scores to its specialty credit platform for non-traditional credit grantors.
Integration with TransUnion allows Teletrack’s non-traditional consumer finance customers to access a single-source specialty credit platform with all of the relevant risk management solutions they need to efficiently make business decisions. Built upon the largest single source of alternative credit performance data, Teletrack integrates and manages data from an extensive network of risk management solution providers. Having access to data from all of these providers through a single-source platform dramatically shortens the time and expense required for non-traditional lenders to achieve a competitive advantage in today’s dynamic consumer finance market.
“Dramatic shifts in the macro-economic environment and product innovations in consumer finance offerings have prompted our customers to increase focus on credit risk. Many are expanding into longer term installment, line-of-credit and related financial products, which require an increasingly thorough evaluation of risk,” said Dale Williams, president of Teletrack. “Intent on supporting this evolution of alternative credit products, we have invested heavily in creating a fast, flexible platform with access to a comprehensive set of premier risk management solutions, which includes TransUnion.”
Teletrack’s specialty credit platform offers companies an extended set of credit and fraud-risk solutions beginning with its own proprietary data assets, which include more than 240 million consumer credit records, representing approximately 39 million unique consumers. In addition, these solutions include a variety of external data services and scores such as multiple traditional credit databases, public-record data and historical bank account information to manage risk.
“Teletrack provides the foundation of the risk assessment process for our clients in the non-traditional credit market, but it is critical for these same clients to have access to extended risk management resources,” said Williams. “Accessing TransUnion information and scores through Teletrack allows our clients to offer services to consumers based on prior credit performance with non-traditional businesses, as well as within the broader credit market.”
The TransUnion database contains more than 200 million files, which profile nearly every credit-active consumer in the United States. This database contains information provided by more than 85,000 credit-granting institutions and is updated, audited and monitored on a regular basis.
“For more than 30 years, we have worked with businesses and consumers to gather, analyze and deliver the critical information needed to help businesses better manage risk and grow customer relationships,” said Steve Hamby, group vice president of TransUnion’s Resale Division. “Our relationship with Teletrack allows us to serve a unique customer base, bringing credit access to a traditionally underserved market while providing a more complete risk assessment to businesses that leverage our separate and unique databases.”
Since businesses that serve the financial needs of unbanked and under-banked consumers rarely report to traditional credit bureaus, Teletrack’s integration with TransUnion will facilitate the reporting of payment history for installment loans, open lines of credit and other consumer finance arrangements.
“Many of our clients have expressed a desire to help their customers build credit,” said Williams. “Our customers serve the approximately 100 million U.S. consumers lacking a detailed traditional credit history and Teletrack’s affiliation with TransUnion will enable these businesses to report payment history with ease.”
TransUnion credit reports feature four standard types of information: identifying information, credit history, public records and inquiries. Accessing TransUnion data and scores via Teletrack’s interface aids businesses in determining eligibility for new product offerings when used in conjunction with Teletrack trade-line credit data, and further minimizes risk when offering higher-dollar, alternative loans or open-ended lines of credit. TransUnion data can enhance credit screening when there is little or no record of the applicant in Teletrack‘s database and provide incremental segmentation of applications with a detailed history in the Teletrack database.
About Teletrack, Inc.
Founded in 1989, Teletrack, a wholly owned subsidiary of First Advantage Corporation, provides lenders and businesses with the actionable intelligence they need to make smart decisions. Businesses across the country access our consumer data for risk mitigation, identity verification, fraud detection and skip tracing. When businesses use Teletrack, they gain the right information at the right time so they can make the right decisions for the right reasons. Teletrack’s databases access information from a variety of sources and contain unique, non-traditional consumer information that is not available from other sources. As an Fair Credit Reporting Agency (FCRA)-compliant consumer reporting agency, Teletrack gathers records from businesses across the country that cater to non-traditional credit consumers. For additional information, please visit the company’s Web site at www.teletrack.com.
About First Advantage
First Advantage combines industry expertise with information to create products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of consumer credit information in the automotive, mortgage and specialty finance markets; business credit information in the transportation industry; motor vehicle record reports; employment background screening; occupational health services; applicant tracking systems; recruiting solutions; skills and behavioral assessments; business tax consulting services; corporate and litigation investigations; computer forensics; electronic discovery; data recovery; due diligence reporting; resident screening; property management software and renters insurance. First Advantage ranks among the top companies in all of its major business lines. First Advantage is headquartered in Poway, Calif., and has offices throughout the United States and abroad. More information about First Advantage can be found at www.FADV.com. First Advantage is a wholly owned subsidiary of The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889. First American is America's largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people's lives. Additional information about the First American Family of Companies can be found at www.firstam.com.