Global information and insights company TransUnion has joined forces with South African financial marketplace Fincheck, to make the credit application process easier for consumers.
Announcing the partnership today, the companies say consumers are able to access a free TransUnion credit report on Fincheck, which helps them understand their financial position to make better, more responsible financial decisions.
Fincheck, which helps consumers find the best-suited bank, lender or insurer, says that as a leader in the South African credit market, TransUnion will assist it in providing a comprehensive picture of each applicant.
The fintech start-up compares offers from over 80 of South Africa’s major banks, lenders and insurers, allowing consumers to choose the most suitable and competitive form of finance.
“By combining the strengths of TransUnion and Fincheck, Fincheck will be able to allocate the right lead to the right bank, lender or insurer – saving time for all parties.”
The companies say the credit report given to consumers is easy to understand and indicates clear action steps on how to improve their credit score and financial health.
“The TransUnion/Fincheck partnership will assist consumers in managing their finances, especially during these challenging times,” says Hans Zachar, director of emerging markets at TransUnion Africa. “By working with Fincheck, we’re helping to increase financial awareness and access to credit.”
Fincheck says due to the COVID-19-induced economic squeeze, it is seeing tremendous interest in consumers wanting to improve their credit scores.
“Being able to access affordable credit and valuable information in the same place will help South African consumers during these challenging times,” comments Michael Bowren, CEO of Fincheck.
“Checking the information held on you is accurate before making an application can be an invaluable tool that can help you understand your financial options more clearly. Ultimately, we aim to assist the user with their financial choices and move them toward financial freedom.”
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