TransUnion, a global Consumer Credit Reporting Agency in partnership with FICO, an international analytics company have launched two innovative risk assessment products in the Kenyan market.
The two new products namely the FICO Score and Credit Vision Variables were launched in Nairobi to revolutionize the lending landscape by merging conventional and micro-lending data, risk profile analysis, and growing financial inclusion.
Speaking during the launch held at a Nairobi hotel, the Chief Executive Officer (CEO) Trans Union Africa, Lee Naik, said the new FICO Score, customized for Kenya, takes into account more than 145 data sources and 24 months of history to give a more detailed view of consumers' credit behaviour.
Naik added that in contrast to conventional credit models, which tend to leave out informal borrowers, the new model takes into account a broader arrangement of financial transactions, making loans available to more people and small businesses.
