TransUnion will provide Allegacy Federal Credit Union (FCU) with a comprehensive solution to enhance its credit risk, identity management and compliance processes.
The offering gives the Winston-Salem, N.C.-based organization an automated, step-by-step process which will assist Allegacy FCU in making credit offers, verifying applicant identity against multi-source databases and meeting compliance guidelines by screening their applicant names against known criminal databases.
"As our credit risk, identity management and compliance requirements become more intricate, information solutions companies like TransUnion play a significant role," said Perry Crutchfield, Credit Administration Officer for Allegacy FCU. "The ability to combine our experience, intuition and analysis with external data, decisioning and analytics from TransUnion enables our organization to maximize efficiency, manage risk and ultimately improve our members' experience."
Allegacy FCU will integrate the new offerings into its core processing system, providing it with access to TransUnion's consumer credit database. Allegacy FCU will decide which credit, identity management and compliance criteria are important, how to evaluate them and what offer to make for a given transaction. For example, if a credit application is flagged for possible identity fraud, the system will be prompted to take additional steps to confirm the applicant's identity. The services will be available via multiple customer touch points.
"TransUnion is committed to leveraging its core asset, consumer credit data, to offer actionable solutions that help credit unions build and grow profitable relationships with their members," said John Card, vice president of Credit Unions for TransUnion. "Allegacy FCU is a technology savvy organization that has recognized a need to automate some of its backend processes in order to enhance the services it provides. We are excited to be assisting with this important effort."