TransUnion and CU Strategic Planning Announce Data Partnership
TU leverages Prama and CU Strategic Planning to use data for good
TransUnion and CU Strategic Planning are partnering to share credit data through TransUnion’s Prama platform so credit unions applying for Treasury Department Community Development Financial Institution Fund (CDFI) grants can better hone their applications and use the funds for maximum impact in the communities they serve.
Prama, winner of the 2020 FinTech Breakthrough Award, employs advanced credit data analytics to improve understanding of consumer behavior, identify growth opportunities and improve portfolio profitability. The platform offers lenders seamless access to industry insights to make better decisions and operationalize those decisions more effectively. The solution includes anonymized information on virtually every credit active consumer in the U.S and turns data into insights, becoming the lending industry’s first platform to enable real-time integrated action.
“Partnering with credit-data market leader TransUnion has been an amazing opportunity to better serve our credit union clients with finely tuned CDFI Fund grant applications that maximize impact in communities that have been marginalized and underrepresented in mainstream banking,” CU Strategic Planning Chief Strategy and Advocacy Officer Mike Beall said. “It helps CU Strategic Planning make more informed, data-driven strategic decisions to increase financial inclusion and provide stronger support to minority depository institutions.”
“We chose to partner with CU Strategic Planning, because the firm has greater connections with smaller and community development credit unions than anyone,” Sean Flynn, senior director of TransUnion’s credit union division, explained. “With all of the social injustices that occurred in 2020 and continue, TransUnion’s mission is to use information for good and unlock economic opportunities for all through data.”
Three key use cases for Parma, Flynn shared, include helping lenders understand consumer behavior, identify growth opportunities and improve portfolio profitability that allows for greater reinvestment back into the communities CDFIs and other lenders serve.
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TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
CU Strategic Planning exists to unlock opportunities for credit unions to change lives and their communities.For more than a decade, CU Strategic Planning has provided business planning services for credit unions with a focus on community development. The company facilitates strategic planning meetings and develops business plans in addition to being the No. 1 CDFI grant-writing firm for credit unions in the country. It also manages the non-profit, National Council for Financial Opportunities.