TransUnion has been named Credit Information Provider of the Year in the UK for the third year running at the prestigious Credit Awards. In addition, the global insights and information company won Best Outsourcing and Partnership Initiative with Lloyds Banking Group, for providing customers with free access to their TransUnion credit score – helping them take charge of their financial wellbeing.

The Credit Awards celebrates best-in-class performance in the credit and financial services industry, rewarding innovation and industry-shaping solutions, with the wins highlighting TransUnion’s status as a leading UK credit reference agency.

“We’re honoured to receive these accolades which are a reflection of our commitment to using information for good and helping businesses and consumers benefit from the insights that credit information can provide,” said Satrajit “Satty” Saha, CEO of TransUnion in the UK. “To be named Credit Information Provider of the Year for a third consecutive year is a fantastic affirmation of our place in the market and the pivotal role we play in supporting businesses across a range of sectors to deliver the best outcomes for their customers. 

“I’m also delighted that our work with Lloyds Banking Group to provide TransUnion credit scores directly to customers of Lloyds Bank, Halifax and Bank of Scotland has been recognised as the best partnership. Understanding credit information and how it’s used has become a really important life skill and in this way we can reach even more consumers and support access to finance.”

Innovation and insights 

The award for Credit Information Provider of the Year acknowledged TransUnion’s achievements in several areas, including:

• Enhanced Affordability Report and Affordability Screening, enabling lenders to efficiently identify consumers that are most at risk – particularly during the cost of living crisis – using dynamic stress levels and eight new expenditure categories

• Promoting credit education, with 16 million consumers having accessed their TransUnion credit report last year via its CreditView solution, integrated via leading UK lenders and aggregators’ apps. One of the features of this, Score Simulator, uses first-in-market technology whereby consumers proactively test the potential impact of future financial decisions on their credit score and eligibility 

• Helping businesses identify and reduce fraud with its TruValidate identity proofing, risk-based authentication and fraud analytics suite. Insights from the flagship fraud prevention solution showed the tool reduce fraud by 48%

Proven results demonstrating how these solutions have helped businesses protect consumers, as well as reducing losses, building loyalty and engaging customers, sealed TransUnion’s win as the industry’s leading provider of credit information. 

A winning partnership 

Providing an example of one the many uses of credit information, the win for Best Outsourcing and Partnership Initiative with Lloyds Banking Group was based on the use of TransUnion’s consumer platform to give customers free access to their TransUnion credit score. 

Speaking of the win, James Robinson, managing director of consumer interactive at TransUnion in the UK, said: “Empowering consumers to understand their credit information is crucial in helping them obtain finance that’s right for their needs. Our research shows the majority of those monitoring their credit score see it improve within six months and feel more in control of their finances,  so we’re very proud of this collaboration with Lloyds Banking Group and thrilled to see it named as an industry best.” 

Sam Clark, director of customer affordability at Lloyds Banking Group said: “Having easy access to up-to-date financial information is so important, as understanding your financial health can bring real peace of mind.  We’ve seen seven million customers make use of the range of services Your Credit Score provides, including personal guidance on what impacts their credit score and how to help improve it, so it’s great to have the tool, and our partnership with TransUnion, recognised with this award.”   

TransUnion’s Consumer Platform is designed for finance providers looking to create their own suite of credit reporting products, driving consumer engagement and building brand loyalty.