TransUnion, a United States credit reporting agency, has announced that it would start providing credit scoring for public blockchains, as stated by Cointelegraph.
According to Cointelegraph, credit information will be allowed for decentralised applications (dApps), based on user’s needs. It’s believed that the total amount of credit data will be given to customers, and excerpts to the dApp. Reportedly, TransUnion has collaborated with Spring Labs and Quadrata to disseminate credit information using a digital passport network for protection of customer’s identity through blockchain.
Based on information by Cointelegraph, the announcement of the project happened a year back. Jason Laky, executive vice-president of financial services, TransUnion, highlighted that the development will enable reduction of lenders’ risk while “providing borrowers more opportunity for better terms.” Sources suggest that TransUnion can provide credit scoring amenities for the complete US adult population, while having operating associates in over 30 countries.
Moreover, Cointelegraph noted that TransUnion competitor Experian stated that at 2023’s starting about collaborating with Credefi, a Bulgarian decentralised finance (DeFi) lending platform.
(With insights from Cointelegraph)
Follow us on Twitter, Facebook, LinkedIn
