- TransUnion, one of the top consumer credit reporting agencies in the U.S., has revealed that it will start delivering credit scores to decentralized finance lenders beginning on Monday.
“The credit data will be provided at the request of the consumer,” TransUnion said. “This patented process, developed by Spring Labs, will enable the delivery of the credit scoring data while maintaining the privacy of the consumer’s identity on blockchain. The credit score will be delivered from TransUnion facilitated by Spring Labs technology directly to the consumer with excerpt information subsequently shared by the user with the DApp.
“Credit scoring is an important tool for lenders to help mitigate risk regardless of the platform being used,” said Jason Laky, executive vice president of financial services at TransUnion. “This partnership with Spring Labs and Quadrata will allow for DeFi lenders to have access to this critical information when making their lending decisions with confidence, ultimately minimizing their risk and providing borrowers more opportunity for better terms.