A new tool that uses your banking data to create a credit degree

Good news for more than 60 million adults who have no credit grades: TransUnvioral has just released a new product that can generate a credit degree for you.

Instead of evaluating your history only with debts, as most credit grades do, the new Bank Bank risk from transunion also takes into account. In other words, even if you do not have any credit or loan card, your history can help you verify and save a credit degree.

“The alternative Truvision risk degree provides a balanced view by integrating positive and negative banking data,” said Liz Bagel, Vice President of Consumer Loans in Trueonion. “This can help consumers who obtain limited or non -credit history to reach credit, which ultimately enhances financial inclusion and stability.”

To date, transunion becomes tight about the fine details of its new registration model, but the page has shared that it ranges from 500 to 900, and it will be used exclusively when consumers apply for uninterrupted loans (i.e. loans without any guarantees).

When applying for a personal loan, many lenders look at traditional credit scores to determine if you are eligible. But now, they can also choose to pull the bank’s alternative risk degree from Truvision from Transunion.

When will the lender withdraw this result? TransUral just have just provided the dangers of the dangers of the Banking Truvision, so the lender may not be able to reach it yet. But with its adoption on a wider scale, the lenders are likely to withdraw this result if you do not have a credit record, or if you are not qualified to obtain a loan based on traditional credit scores.

Instead of just a decrease in your request, the lender can use this new Score calculator to evaluate the last five years of checking the verification, savings calculation and determine whether you are eligible.

Read more: 10 tips to improve your credit degree in 2025

TransUral says it uses both positive and negative data from your banking history, but the credit office refuses to determine the data weighing in its new grades.

To learn about what can be included, consider reports and other results based on your banking information, such as those in ChexsyStems and early warning services (EWS). These companies collect your negative banking information, including cases where abuse of a committed account or fraud has been misused. Here are some information they consider:

• Account applications: The number and the frequency.

• Close of the account: Close the unequal account and the reasons for closing.

• Unpaid billsOpen clouds and banking fees that you did not pay.

• Date of writing checks: Return checks, counterattacks, and checked.

If you want to learn more about your banking history, you can withdraw the ChexSystems report and/or EWS report (both free to withdraw once a year) and give them a review.

Read more: Does closing a bank account harm your credit?

Details on how to calculate the bank’s alternative risk degrees in Truvision is still mysterious, so we can only guess education on how to improve them. As with credit cards and loans, health account management habits are likely to be the key.

Here are some healthy habits for practice when it comes to banking services:

• Reducing your requests for new banking accounts.

• Avoid exposed clouds and unpaid banking.

• Pay any negative balances or banking fees as quickly as possible.

• Write checks only when you have money to support them.

• If you are not qualified to open your bank account, ask a member of his family a good banking history to add to his account as a joint owner.

• Never open a joint bank account with a person with a history of banking problems.

Read more: 7 ways to build credit – without credit card

In order to obtain a credit degree from FICO, you need either a credit card or an open loan for at least six months, or you need to get one or more account that has been informed of credit offices in the past six months.

If you want to open the first credit or loan card, but you are not qualified, think about asking a member of his family a good credit to add you as a user based on one of their credit cards. If this is not an option, try to apply for a guaranteed credit card.

If you are rejected to calculate a new examination, search for a bank or credit union that provides “second opportunity” accounts, which aims for people with previous banking problems. If you are still inaccurate, consider using the bank’s prepaid card for some of your banking needs.

Read more: Here is what to do if your bank account is rejected

Transnion has not released a list of lenders who use the degree of alternative Truvision Bank. To find out if your lender is using it, contact them.