If you’ve been turned down for credit, the launch of a new credit scoring model may signal good news for you. Using its new model, credit bureau TransUnion has identified an additional three-million consumers who are eligible for credit but have been disqualified by traditional scoring models, says Lee Naik, the president of TransUnion Africa. Up until now, lenders have used traditional scoring models based on a "point-in-time" score to assess worthiness for credit, Naik says. "But as tech has evolved, we’ve been able to build this advanced credit-scoring model providing additional insights based on patterns in the consumer’s behaviour over a 24-month period." He says this gives lenders a dynamic and more accurate view of the consumer. Part of what sets CreditVision apart is the use of "alternative and trended data". An example of alternative data is a consumer’s interest in a business or their relationship with a short-term insurer. Trended data refers to the analysis of a consumer...

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