A global study of credit self-monitoring, with Charlie Wise (TransUnion)

How to Lend Money to Strangers

Brendan le Grange

Credit, Fintech, Management, Lending, Banking, Business, Careers

5 • 2.6K Ratings

🗓️ 4 July 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the last five years, one hundred million Americans have started to monitor their credit reports with TransUnion for the first time. One hundred million. And the same thing is happening all around the world. But just because everyone is doing it, doesn't mean they're doing it for the same reason: some consumers are in a bind and looking for a way back to good credit; some are planning a major loan and want to optimise their options; some want to make sure everything is untouched and as it should be.

So, in their latest global study of the phenomenon, TransUnion set out to see if each of these goals is being helped by the credit self-monitoring, and I'm chatting to Charlie Wise to find out what they learned.

Charlie is Senior Vice President, Research and Consulting at TransUnion and is on LinkedIn at https://www.linkedin.com/in/charlie-wise-959570/

TransUnion is at https://www.transunion.com/

This particular research is also being discussed here for the US and here for the UK: https://www.transunion.co.uk/lp/consumer-monitoring-motivations

Please seek me out on LinkedIn, too, where I'm open to all genuine new connections - https://www.linkedin.com/in/brendanlegrange - please also follow the show's page while you're there.

Meanwhile, my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is discussed at https://confirmu.com/ and on episode 24 of this show https://www.howtolendmoneytostrangers.show/episodes/episode-24

And finally, I'm also co-creating a new podcast called hAIghtened senses which will look at the intersection between human senses and technology, especially AI-powered technology. You can already start to follow it wherever you're listening to this one - there's only a trailer there at the moment, but we've recorded some of the early episodes and it's going to be a fun ride!

Keep well, Brendan

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Transcript

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0:00.0	The numbers have been enormous. In the US, as a for instance, we've seen a
0:04.7	hundred million consumers who have started monitoring their credit for the
0:08.3	first time with TransUnion over the last five years. And we've seen those consumers who start monitoring their credit
0:15.9	are far more active in opening new accounts
0:18.5	over the next year than consumers that don't monitor their credit.
0:22.3	That's the what's in it for the lenders.
0:24.0	They know that consumer is starting to monitor with a goal of seeking credit.
0:28.6	And those benefits really were universal in terms of the the markets we looked at which is
0:33.7	interesting that this is not a country specific a cultural a any other thing like
0:39.7	there are things that transcend markets. I know Charlie Wise, because I work for him for four or five years, but you may know Charlie Wise from one of his many international appearances at Trans Union
0:54.8	Submits, from Hong Kong to Mumbai to London to Las Vegas and several places north and south of
1:01.6	that line. Charlie oversees TransUnion's team of
1:05.7	Financial Services research and consultants who take advantage of the
1:11.4	Credit Bureau's unique bird's eye view of a consumer's credit wallet to identify
1:17.0	forces that shape the market and impact at a high level the industry that we all work in.
1:25.0	Often those problems vary by region.
1:27.8	You might have different concerns in the US and Canada
1:31.2	to those in Latin America and South Africa, but sometimes we get to
1:36.2	benefit from that global reach with an international study that looks at the
1:41.1	same question across all the markets in which TransUnion operates.
1:46.1	And that's what we have to talk about today.
1:48.4	How do consumers benefit by understanding and educating themselves on their own unique credit situation.
	...

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